Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has acquired the entire issued capital of Exalt Underwriting for £409,550, in line with its strategy of increasing underwriting capacity through acquisitions.
£241,792 of the £409,550 has been satisfied by the issue of 141,399 ordinary shares.
Application has been made for the New Ordinary Shares to be admitted to trading on AIM.
Helios notes that admission is expected at 8am on 23 December 2021.
The firm acquired its latest three limited liability vehicles (LLVs) for an aggregate cash consideration of roughly £4.0 million earlier this month, generating syndicate capacity of £4.4 million.
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.
On this latest deal, issued share capital following admission will comprise 68,886,212 ordinary shares with voting rights and no restrictions on transfer (excluding the 419,169 Ordinary Shares held in treasury and which do not carry voting rights).
