Acquisitions swell 2014 underwriting capacity to £20.2m
Lloyd’s investment vehicle Hampden Underwriting will enter 2014 with 57% more capacity than last year after buying two more Lloyd’s members.
Hampden Underwriting this morning announced the acquisition of Halperin Underwriting for £0.7m and Nomina No 380 for £0.6m.
The takeovers will respectively add £0.7m and £1.3m to Hampden’s underwriting capacity in 2014.
The acquisitions of the Lloyd’s corporate members together with the three others acquired this year will bring its 2014 capacity to £20.2m – 57% more than it started 2013 with.
Chief executive officer Nigel Hanbury said: “We are delighted to have made these further acquisitions which further increase our underwriting capacity. This is in line with our stated strategy of acquiring corporate members as suitable opportunities arise.
“We believe that there are significant further opportunities for further growth available to the company as we move into 2014.”
Halperin made a pre-tax profit of £10,000 on £0.7m gross written premium in 2012 and had net assets of £100,000 at the end of the year.
Nomina No 380 made a £100,000 pre-tax profit on £1.1m gross written premium and had net assets of £70,000.
Hampden is waiting for regulatory approval to change its name to Helios Underwriting.