Sees opportunities for further acquisitions
Helios Underwriting (HUW) said it has bought two limited liability members of Lloyd’s for a total value of £2.4m.
HUW said the acquisition of Nameco (No 76) and Kempton Underwriting in exchange for 1.45 million shares was in line with its strategy of increasing underwriting capacity through acquisition.
The combined 2015 underwriting capacity of the two firms being acquired is £2.0m. HUW’s 2015 capacity was £24.7m prior to the acquisitions.
HUW chief executive Nigel Hanbury said: “We are delighted to have agreed further LLV acquisitions that will further increase our underwriting capacity and, in this instance, to have been able to use our shares as consideration.
“This is in line with our stated strategy of acquiring corporate members as suitable opportunities arise. We continue to believe that there remain significant opportunities for further growth available to the company.”