Helios Underwriting plc Acquires Salviscount LLP
Helios is pleased to announce that, in line with its strategy of increasing underwriting capacity through acquisition, on 2 December 2016 it acquired Salviscoint Limited Liability Partnership (Salviscount), a limited liability member of Lloyd's ("LLV"), for a consideration of £0.8 million in cash. The 2016 underwriting capacity of Salviscount is £1.0 million (this compares with Helios's 2016 capacity of £32.7 million prior to this acquisition). Salviscount participates in a spread of Lloyd's syndicates broadly similar to Helios's own participation.
Commenting upon the acquisition, Nigel Hanbury, the Company's Chief Executive Officer, said:
"We are delighted to have made a further acquisition which further increases our underwriting capacity. This is in line with our stated strategy of acquiring corporate members as suitable opportunities arise. We continue to believe that there remain significant opportunities for further growth available to the Company."
Salviscount LLP (Salviscount) is a limited liability member of Lloyd's. In the year ended 31 December 2015, Salviscount made a profit before tax of £0.118m on gross premiums written of £0.881m and its net asset value at completion is expected to be approximately £0.8m, including underwriting capacity with an estimated market value of £0.4m.
Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW). Helios trades within the Lloyd's insurance market writing approximately £32 million of capacity for the 2016 account. The portfolio provides a good spread of classes of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.