Helios, an investment vehicle that acquires and consolidates underwriting capacity at the specialist Lloyd’s insurance and reinsurance marketplace, has completed a further LLV acquisition.
The LLV purchased includes Park Farm Underwriting Limited for a consideration of £3.2 million, which represents a 6.3% discount on the Humphrey Valuation.
Park Farm Underwriting Limited’s syndicate capacity was £2.3 million, with a value of £977,000, and turnover of £1,872,000.
In other related news, Helios Underwriting recently acquired the entire issued capital of Chorlton Underwriting Limited for a total consideration of £1,996,8.
Of this total, £200,000 has been satisfied by the issue of 123,457 ordinary shares of £0.10 each in the Company (New Ordinary Shares) at £1.62 per share with the remainder satisfied in cash.
In addition, Helios Underwriting recently appointed Michael Wade as Chairman during its Annual General Meeting. Wade succeeds Michael Cunningham, who has retired from the company.
Furthermore, despite reporting a total comprehensive loss in 2022 of £1.3 million, Helios Underwriting’s retained capacity for the 2023 open underwriting year increased by 34% to £238 million.
