Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has acquired three more limited liability vehicles (LLVs) for an aggregate cash consideration of roughly £4.0 million, generating syndicate capacity of £4.4 million.
Chanterelle Underwriting Limited, Nomina No 110 LLP and Nomina No 472 LLP were acquired for considerations of $3.23 million, $560,000 and $190,0000, respectively.
The 2021 capacity of each of the LLVs is recorded as $3.11 million, $773,000 and $475,000.
The company announced in August its intention to build a fund of capacity on the better quality syndicates at the historic insurance and reinsurance marketplace.
As a result, it decided to acquire existing limited liability vehicles (LLVs) by taking up the pre-emption capacity offered from its supported syndicates.
Terms have been agreed with a further 7 LLV’s where completion is subject, inter alia, to regulatory approval.
It is expected that these acquisitions will be completed shortly, and further announcements will be made in due course.
Back in October, Helios acquired a separate trio of LLVs for £2.6 million, and last month it took a 2% shareholding in a holding company of another group of LLVs.
