Helios Underwriting has raised another £0.24m in funding through the open offer to qualifying shareholders of 152,568 open offer shares.
The firm said that the open offer closed for applications on 9 December, with the firm receiving valid acceptances from qualifying shareholders in respect of the shares. It said that Arthur Manners, finance director, and Andrew Christie, non-executive director subscribed for 10,141 and 234 shares, respectively.
This follows the announcement last month that the firm had raised £12.5m in funding through a new share placement.
Back then, the firm said it had successfully raised proceeds through a placing of, and a subscription for, an aggregate of over eight million shares at £1.56 per share. The firm said at the time that that it also planned to raise another £1.5m.
The firm also had a £60m capital raise in March 2021.
Back then, the firm raised gross proceeds of approximately £53.5m through the placing and subscription of New Ordinary Shares at a price of £1.60 per share, with participation from ILS Capital Management and Hudson Structured Capital Management Limited.
More recently, Helios said it had increased its capacity portfolio to £233m for the 2022 underwriting year, with management confident about the prospects and future profitability of the firm ahead of further market hardening.
In late September, the firm reported a significant rise in gross written premiums on the back of growth within the capacity portfolio, as the underwriting result improved by 76% to an impressive £3.3m.
Helios Underwriting is a Lloyd’s market focused investment vehicle, that acquires limited liability vehicles and names positions in the market, to construct a diversified portfolio of exposure to Lloyd’s re/insurance businesses.
