Last checked at 16 Feb 2009 09:05
16 February 2009
Hampden Underwriting PLC
("Hampden Underwriting" or the "Company")
Acquisition of corporate member
Hampden Underwriting, which provides investors with a limited liability direct investment into the Lloyd's insurance market, announces that it has acquired a corporate member of Lloyd's for a consideration of £0.5 million in cash. The 2008 underwriting capacity of the corporate member (Nameco (No. 605) Limited) was £2.5 million; this compares with Hampden Underwriting's 2008 capacity of £5.4 million. Nameco (No. 605) Limited participates in a spread of Lloyd's syndicates similar to Hampden Underwriting's own participation.
In the year ended 31 December 2007, Nameco (No. 605) Limited made a profit before tax of £0.4 million on gross premiums written of £1.9 million and had net assets of £0.3 million at that date. Hampden Underwriting will contribute a further £0.9 million in cash to its funds at Lloyd's to support the Company's enlarged underwriting activities.
Commenting upon these results Jeremy Evans, a director of Hampden Underwriting, said:
"We are pleased to have made this acquisition of a further corporate member which significantly increases our underwriting capacity and is in line with our stated strategy of acquiring corporate members as suitable opportunities arise. Since the events of last year, the market is showing signs of hardening and we expect this trend to continue through the course of 2009."
For further information please contact:
| Hampden Underwriting | Jeremy Evans | 020 7863 6567 |
| Smith & Williamson Corporate Finance Limited | Azhic Basirov David Jones Joanne Royden-Turner | 020 7131 4000 |