30th Jun 2014 09:59
LONDON (Alliance News) - Helios Underwriting PLC, formerly known as Hampden Underwriting PLC, Monday said it has released capital for reinvestment after increasing its annually renewable quota share reinsurance arrangements.
Helios, which provides a limited liability direct investment into the Lloyd's insurance market, has been increasing its underwriting capacity with a series of acquisitions of Lloyd's of London limited liability members.
The company said that it has made additional collateralised quota share reinsurance agreements starting with the current 2014 year of account.
It said that a fifth of its 2014 insurance exposure has been ceded to reinsurers, which, when taken together with its existing 50% cover, increasing its overall reinsurance cover for 2014 to 70%. It has also broadened the base of its reinsurance providers.
The arrangements contribute GBP2.6 million to the company's funds at Lloyds, or 20% of its regulatory capital requirement.
"These transactions present Helios Underwriting with further capital with which to fund near-term opportunities the company wishes to pursue and does so on advantageous commercial terms," Chief Executive Nigel Hanbury said in a statement.
"Current market conditions continue to present the company with attractive investment opportunities which require funding. The reinsurance terms provide both a profit commission in good underwriting years and a reduced risk exposure," Hanbury added.
Helios shares were Monday quoted at 150.00 pence, untraded.
By Samuel Agini; [email protected]; @samuelagini
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