Reinsurance News

Helios acquires North Breache at Lloyd’s

24th September 2021 - Author: Matt Sheehan

Lloyd’s of London investment and underwriting vehicle Helios has acquired North Breache Underwriting Limited, a limited liability member of Lloyd’s of London.

helios-underwriting-logoThe 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.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Solvency II proposals include needless costs and complexity: Insurance Europe

Olav Jones, Deputy Director General of Insurance Europe, has welcomed new proposals on Solvency II by the European Commission (EC),...