Last checked at 21 Dec 2012 07:00
21 December 2012
Hampden Underwriting plc
("Hampden Underwriting" or the "Company")
Acquisition of corporate member
Hampden Underwriting plc, which provides investors with a limited liability direct investment into the Lloyd's insurance market, announces that, following a similar acquisition last month, it has acquired a further corporate member of Lloyd's for a consideration of £0.9 million in cash. The 2012 underwriting capacity of the corporate member acquired (Nameco (No. 518) Limited) is £1.0 million; this compares with Hampden Underwriting's 2012 capacity of £11.9 million. Nameco (No. 518) Limited participates in a spread of Lloyd's syndicates similar to Hampden Underwriting's own participation.
Commenting upon this acquisition, Nigel Hanbury, the Company's Chief Executive Officer, said:
"We are pleased to have made this acquisition of another corporate member which further increases our underwriting capacity. This is in line with our stated strategy of acquiring corporate members as suitable opportunities arise."
For further information please contact:
| ||
Hampden Underwriting
| Nigel Hanbury | nigel.hanbury@hampdenplc.com |
Smith & Williamson Corporate Finance
| David Jones | 020 7131 4000 |
Additional information
Nameco (No. 518) Limited is a corporate member of Lloyd's which the Company has acquired from Dominic Parker; it is advised by Hampden Agencies Limited and, in the year ended 31 December 2011, made a loss before tax of £(0.05) million on gross premiums written of £0.9 million and had net assets of £0.4 million at that date.