Last checked at 5 Aug 2010 13:00
5 August 2010
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 further corporate member of Lloyd's for a consideration of £0.4 million in cash. The 2010 underwriting capacity of the corporate member (Nameco (No. 321) Limited) is £0.9 million; this compares with Hampden Underwriting's 2010 capacity of £8.8 million. Nameco (No. 321) Limited participates in a spread of Lloyd's syndicates similar to Hampden Underwriting's own participation.
In the year ended 31 December 2009, Nameco (No. 321) Limited made a profit before tax of £0.1 million on gross premiums written of £1.0 million and had net assets of £0.3 million at that date. Hampden Underwriting will contribute a further £0.1 million in cash to its funds at Lloyd's to support the Company's enlarged underwriting activities.
Commenting upon this acquisition Jeremy Evans, a director of Hampden Underwriting, said:
"We are pleased to have made this acquisition of another corporate member which further increases our underwriting capacity and is in line with our stated strategy of acquiring corporate members as suitable opportunities arise."
For further information please contact:
| Hampden Underwriting
| Jeremy Evans | 020 7863 6567 |
| Smith & Williamson Corporate Finance Limited | David Jones Barrie Newton Charles Combe
| 020 7131 4000 |