Helios Underwriting Plc Proposed acquisition of Fyshe Underwriting LLP (5361X)
August 13 2018 - 2:00AM
UK Regulatory
TIDMHUW
RNS Number : 5361X
Helios Underwriting Plc
13 August 2018
Helios Underwriting plc
("Helios" or the "Company")
Proposed acquisition of Fyshe Underwriting LLP
Helios is pleased to announce that, in line with its strategy of
increasing underwriting capacity through acquisition, on 10(th)
August 2018, it has conditionally agreed to acquire Fyshe
Underwriting LLP ("Fyshe"), a limited liability member of Lloyd's
of London ("Lloyd's") for a consideration of GBP68,630 in cash (the
"Acquisition").
Completion of the Acquisition is conditional upon approval of
the change of control by Lloyd's, which is expected shortly.
Information in respect of Fyshe
The 2018 underwriting capacity of Fyshe is GBP500,150 (this
compares with Helios's 2018 capacity of GBP41.0m prior to this
acquisition). Fyshe participates in a spread of Lloyd's syndicates
that broadly matches the existing portfolio of Helios and this
transaction enables Helios to continue to build its participations
on the better syndicates at Lloyd's.
The consideration represents a discount of 38% to the
independent valuation of GBP111,526 placed on Fyshe by
Humphrey's.
The capacity acquired, together with the capacity Helios expects
to retain, is as follows:
Fyshe Year of Account
2016 2017 2018
------ ----- -----
GBPm GBPm GBPm
------ ----- -----
Retained 0.5 0.5 0.15
------ ----- -----
Reinsured - - 0.35
------ ----- -----
Total Capacity 0.5 0.5 0.5
------ ----- -----
Helios will seek to reinsure 70% of 2018 underwriting year in
line with its stated policy of reducing 'on-risk' exposures.
In addition to the Fyshe transaction, Helios is continuing to
pursue a number of further Lloyd's nameco transactions in line with
its strategy.
For further information please contact:
Helios Underwriting plc
Nigel Hanbury - Chief Executive 020 7863 6655 /
nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer 07754 965 917
Stockdale Securities Limited
Robert Finlay 020 7601 6100
David Coaten
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 GBP41m of capacity
for the 2018 account. The portfolio provides a good spread of
business being concentrated in property insurance and reinsurance.
For further information please visit www.huwplc.com.
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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