Helios, an investment vehicle that acquires and consolidates underwriting capacity at the specialist Lloyd’s insurance and reinsurance marketplace, has completed a further three LLV acquisitions.
Combined, the three vehicles have been acquired for a total cash consideration of £3.9 million, acquiring syndicate capacity of £4.1 million.
The LLV’s purchased include Kunduz LLP for a consideration of £220,000, which represents a 6% discount on the Humphrey valuation; Exalt Underwriting Limited for a consideration of £550,000, representing a discount of 9% on the Humphrey valuation; and Nameco (No 1110) Limited for a total consideration of £3.085 million, representing a discount of 2% on the Humphrey valuation.
Kunduz 2021 capacity was £640,000 with a value of £251,000 and turnover of £663,000. Exalt Underwriting’s 2021 capacity was £1.186 million with a value of £295,000 and a turnover of £1.244 million. For Nameco, 2021 capacity was £2.3 million with a value of £1.228 million and a turnover of £2.399 million.
Helios states that terms have now been agreed with an additional three LLVs where completion is subject, inter alia, to regulatory approval. The company expects these transactions to complete in the near future.
This news comes after Helios recently confirmed that the retained underwriting capacity for the 2022 year of account will be £171 million, which is a 191% increase in the capacity underwritten at the start of this year.