Similar spread of syndicates will get £900,000 extra cash
Limited liability Lloyd’s investor Hampden Underwriting has bought the £2.5m 2008 underwriting capacity of the corporate member Nameco 605 for £500,000 in cash. This adds to Hampden’s 2008 capacity of £5.4m. Hampden said Nameco 605 spread of Lloyd's syndicates was similar to its own and that its would pay a further £900,000 in cash to its funds at Lloyd's to support the company's enlarged underwriting activities.
Nameco 605’s figures for 2007:
- Profit before tax of £400,000
- Gross premiums written of £1.9m
- Net assets in 2007 of £300,000
Jeremy Evans, a director of Hampden Underwriting, said: "We are pleased to have made this acquisition of a further corporate member which significantly increases our underwriting capacity and is in line with our stated strategy of acquiring corporate members as suitable opportunities arise. Since the events of last year, the market is showing signs of hardening and we expect this trend to continue through the course of 2009."
