Helios Underw Share News (HUW)

LONDON (Alliance News) - Helios Underwriting PLC Friday said it has further increased its underwriting capacity with the acquisition of Bernul Ltd, a limited liability member of Lloyd's of London, for GBP800,000.

Bernul's 2014 underwriting capacity is GBP800,000. Prior to the acquisition, Helios Underwriting's 2014 capacity was GBP19.5 million.

The assets of Bernul include GBP400,000 in associated funds at Lloyd's to support its underwriting activities.

The LLV acquired participates in a spread of Lloyd's syndicates broadly similar to Helios's own participation. It is anticipated that the LLV will be included in Helios's collateralised quota share reinsurance arrangement for the 2014 year of account.

"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," Nigel Hanbury, Chief Executive, said in a statement.

Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market. It has been undertaking a strategy of increasing its underwriting capacity, having made a number of acquisitions in the past few months.

In December it acquired Halperin Underwriting Ltd and Nomina No 380 LLP, two LLVs. In October 2013 it acquired Nameco (No. 804) Ltd, Nomina No 035 LLP and Nomina No342 LLP.

Its subsidiary underwriting vehicles trade within the Lloyd's insurance market as corporate members of Lloyd's writing GBP20 million of capacity for the 2014 account.

Helios Underwriting shares were Friday quoted at 150.00 pence, untraded.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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