Helios Underwriting plc has announced a conditional agreement to acquire Fyshe Underwriting, a limited liability member of Lloyd’s of London, for a cash consideration of £68,630.
The consideration represents a 38% discount of the £111,526 independent valuation placed on Fyshe by Humphrey’s.
Helios, who had previously announced a strategy to increase underwriting capacity through acquisition, is expected to leverage Fyshe’s broadly matching portfolio to build its participation on the Lloyd’s syndicates.
As of 2018 the underwriting capacity of Fyshe is £500,150 – compared to Helios’ £41 million, rated prior to the acquisition.
In addition to the Fyshe transaction, Helios is continuing to pursue further Lloyd’s transactions in line with its strategy.
