2nd May 2014 13:06
LONDON (Alliance News) - Helios Underwriting PLC Friday said it has agreed to acquire Nomina No 372 LLP, a limited liability vehicle of Lloyd's of London's in a deal worth GBP500,0000.
Lloyd's is a specialist insurance market providing insurance services in over 200 countries and territories.
The 2014 underwriting capacity of the limited liability vehicle is GBP1.0 million which compares with Helios' 2014 capacity of GBP20.3 million prior to this acquisition.
There is an obligation that funds at Lloyd's are provided in the amount of GBP500,000 which will be supported by funds from Helios and other sources.
Completion is subject to change of control consent from Lloyd's, which is anticipated to take place shortly, the firm said.
Helios said it expects the limited liability vehicle to be included in its collateralised quota share reinsurance arrangement for the 2014 year of account.
The stock was trading at 152.55 pence Friday, down 1.45 pence or 0.9%.
By Anthony Tshibangu; [email protected];
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