Last checked at 31 May 2016 07:00
31 May 2016
Helios Underwriting plc
("Helios" or the "Company")
Acquisition of Lloyd's Limited Liability Vehicle
Helios is pleased to announce that, in line with its strategy of increasing underwriting capacity through acquisition, it has acquired Nameco (No 346) Limited, a limited liability member of Lloyd's ("LLV"), for a consideration of £3.75 million in cash. The 2016 underwriting capacity of the LLV is £3.3 million (this compares with Helios's 2016 capacity of £29.3 million prior to this acquisition). The LLV participates in a spread of Lloyd's syndicates broadly similar to Helios's own participation. The capacity acquired together with the capacity retained by Helios is as follows:
|
| Year of Account |
|
| 2014 | 2015 | 2016 |
| £m | £m | £m |
Retained | 3.4 | 3.2 | 1.0 |
Reinsured | - | - | 2.3 |
Total Capacity | 3.4 | 3.2 | 3.3 |
Commenting upon the acquisition, Nigel Hanbury, the Company's Chief Executive Officer, said:
"We are delighted to have made a further LLV acquisition which further increases 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."
For further information please contact:
Helios Nigel Hanbury - Chief Executive Arthur Manners |
020 7863 6655 / nigel.hanbury@huwplc.com 07754 965 917 |
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Stockdale Robert Finlay
|
020 7601 6100 |
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About Helios
Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW). Helios trades within the Lloyd's insurance market writing approximately £32 million of capacity for the 2016 account. The portfolio provides a good spread of classes of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.
Additional information
Nameco (No.346) Limited (N346) is a limited liability member of Lloyd's. In the year ended 31 December 2015, N346 made a profit before tax of £0.38m on gross premiums written of £3.0m and its net asset value at completion is expected to be approximately £2.2m, including underwriting capacity with an estimated market value of £1.3m.
Set out below are N346's 2014 and 2015 open years of account forecasts:
YOA | N346 syndicate capacity (£'000) | Forecast of syndicate profit (30 March 2016) | ||
Mid point (£'000) | Mid point (%) | Range (%) | ||
2014 | 3,368 | 293 | 8.69% | 4.94 - 12.44% |
2015 | 3,187 | 203 | 6.37% | 1.80 - 10.93% |
Source: Syndicate data and Helios analysis (before early release)
Set out below are details of N346's syndicate participations for the 2013 to 2016 years of account:
YOA | 2013 | 2014 | 2015 | 2016 | ||||
Syndicate | (£000'S) | *% | (£000'S) | *% | (£000'S) | *% | (£000'S) | *% |
33 | 211 | 6.75 | 222 | 6.60 | 222 | 6.97 | 320 | 9.64 |
218 | 67 | 2.14 | 67 | 1.99 | 54 | 1.69 | 85 | 2.56 |
386 | 41 | 1.31 | 41 | 1.22 | 35 | 1.10 | 83 | 2.50 |
510 | 241 | 7.71 | 241 | 7.16 | 241 | 7.56 | 376 | 11.33 |
557 | 25 | 0.80 | 25 | 0.74 | 25 | 0.78 | 35 | 1.05 |
609 | 230 | 7.36 | 230 | 6.83 | 230 | 7.22 | 344 | 10.37 |
623 | 244 | 7.80 | 263 | 7.81 | 245 | 7.69 | 422 | 12.72 |
727 | 108 | 3.45 | 108 | 3.21 | 108 | 3.39 | 123 | 3.71 |
958 | 93 | 2.97 | 74 | 2.20 | 78 | 2.45 | 0 | 0.00 |
1176 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 25 | 0.75 |
1200 | 140 | 4.48 | 140 | 4.16 | 140 | 4.39 | 170 | 5.12 |
1729 | 0 | 0.00 | 35 | 1.04 | 35 | 1.10 | 42 | 1.27 |
1910 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 92 | 2.77 |
2010 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 41 | 1.24 |
2014 | 0 | 0.00 | 175 | 5.20 | 233 | 7.31 | 200 | 6.03 |
2525 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 4 | 0.12 |
2791 | 185 | 5.92 | 163 | 4.84 | 144 | 4.52 | 245 | 7.38 |
4242 | 0 | 0 | 0 | 31 | 0.93 | |||
4444 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 101 | 3.04 |
5820 | 109 | 3.49 | 109 | 3.24 | 109 | 3.42 | 109 | 3.29 |
6103 | 57 | 1.82 | 41 | 1.22 | 17 | 0.53 | 19 | 0.57 |
6104 | 45 | 1.44 | 70 | 2.08 | 70 | 2.20 | 60 | 1.81 |
6105 | 23 | 0.74 | 72 | 2.14 | 72 | 2.26 | 0 | 0.00 |
6106 | 57 | 1.82 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 |
6107 | 41 | 1.31 | 41 | 1.22 | 41 | 1.29 | 41 | 1.24 |
6110 | 123 | 3.93 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 |
6111 | 150 | 4.80 | 159 | 4.72 | 157 | 4.93 | 204 | 6.15 |
6113 | 78 | 2.49 | 78 | 2.32 | 0 | 0.00 | 0 | 0.00 |
6117 | 0 | 0.00 | 153 | 4.55 | 101 | 3.17 | 138 | 4.16 |
6123 | 0 | 8 | 0.24 | |||||
7200 | 101 | 3.23 | 101 | 3.00 | 97 | 3.04 | 0 | 0.00 |
7201 | 520 | 16.63 | 520 | 15.45 | 496 | 15.57 | 0 | 0.00 |
7202 | 183 | 5.85 | 183 | 5.44 | 174 | 5.46 | 0 | 0.00 |
7203 | 29 | 0.93 | 29 | 0.86 | 28 | 0.88 | 0 | 0.00 |
7217 | 26 | 0.83 | 26 | 0.77 | 30 | 0.94 | 0 | 0.00 |
7227 | 0 | 0.00 | 0 | 0.00 | 4 | 0.13 | 0 | 0.00 |
3,127 | 100.00 | 3,366 | 100.00 | 3,186 | 100.00 | 3,318 | 100.00 | |
* Percentage of total syndicate portfolio