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  5. Helios Underwriting To Acquire Lloyd's Of London Member Fyshe

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Share Price Information for Helios Underw (HUW)

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Share Price: 173.50
Bid: 170.00
Ask: 177.00
Change: -1.50 (-0.86%)
Spread: 7.00 (4.118%)
Open: 175.00
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Low: 173.50
Prev. Close: 175.00
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Helios Underwriting To Acquire Lloyd's Of London Member Fyshe

Mon, 13th Aug 2018 11:40

LONDON (Alliance News) - Helios Underwriting PLC said on Monday it has agreed to acquire Fyshe Underwriting LLP for GBP68,630 in cash.

The acquisition is conditional on approval from specialist insurance market Lloyd's of London, of which Fyshe is a limited liability member.

Helios said that Fyshe had an underwriting capacity of GBP500,150 in 2018, compared to Helios's capacity of GBP41.0 million in the same year prior to the proposed acquisition.

The consideration represents a discount of 38% to the independent valuation of GBP111,526 placed on Fyshe.

Fyshe participates in a spread of Lloyd's syndicates that broadly matches the existing portfolio of Helios and this transaction enables Helios to continue to build its participations on the better syndicates at Lloyd's, Helios itself said.

Helios will reinsure 70% of the 2018 underwriting year, in line with its stated policy of reducing "on-risk" exposures.

Shares in Helios Underwriting were up 0.8% at 131.00 pence on Monday.

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