29th Jan 2020 16:53
(Alliance News) - Lloyd's market insurance firm Helios Underwriting PLC on Wednesday reported a sharp increase in underwriting capacity for 2020, partly due to acquisitions.
Helios is a specialist insurer which buys and sells Lloyd's insurance syndicates.
The company said its underwriting capacity will be GBP70 million for 2020 year of account, a 33% increase in the capacity underwritten at the start of 2019. Helios made five acquisitions during 2019 with capacity of GBP9.3 million, which was valued at 2018 capacity prices at GBP3.2 million.
The value of the company's capacity fund as at December 31 increased to GBP26.3 million from GBP20.7 million a year ago.
Shares in Helios Underwriting closed at 130.00 pence each in London on Wednesday.
By Tapan Panchal; [email protected]
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