LONDON (Alliance News) - Helios Underwriting PLC Tuesday said it has agreed to acquire another limited liability member of the Lloyd's of London insurance market with the GBP900,000 acquisition of Nameco (No 507) Ltd, as it looks to further increase its underwriting capacity.
The latest deal comes after an agreement disclosed on Monday for the company agreed to acquire Updown Underwriting Ltd, another Lloyd's limited liability member, for GBP600,000 in cash, which it said would add to Helios' capacity of GBP21.4 million. That came on top of a deal last week to buy Nameco (No 402) Ltd, and last month's completion of the acquisition of Nameco (No 311) Ltd.
In a statement, Helios said the latest acquisition's underwriting capacity for 2015 is GBP1.7 million, which will further add to its own capacity.
"We are delighted to have agreed a further LLV acquisition which will further increase our underwriting capacity. 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," Chief Executive Nigel Hanbury said in a statement.
Helios said it is obliged to provide about GBP500,000 in funds at Lloyd's.
Completion is subject to change of control consent from Lloyd's.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Helios Underw (HUW)