Lloyd’s of London investment and underwriting vehicle Helios has acquired North Breache Underwriting Limited, a limited liability member of Lloyd’s of London.
The total consideration paid for North Breache was £3.9 million, of which £3.4 million was paid on completion in cash and £0.5 million has been satisfied by the issue of 304,878 new ordinary shares in Helios at 164 pence per share.
North Breache, which has a 2021 underwriting capacity of £3.9 million, participates in a spread of Lloyd’s syndicates that broadly matches the existing portfolio of Helios.
Last year, the company made a profit before tax of £0.1 million on gross premiums written of £4.0 million.
In addition to the North Breache transaction, Helios is continuing to pursue a number of further Lloyd’s LLV acquisitions in line with its strategy to increase underwriting capacity.
Terms have been agreed in principle and contractual documentation is being finalised for a further 21 Limited Liability Vehicles which in aggregate have capacity of £22.7 million.
