26th Sep 2018 13:29
LONDON (Alliance News) - Helios Underwriting PLC said on Wednesday it has acquired Lloyd's of London member Nomina No 505 LLP for GBP318,359 in cash.
Helios said that Nomina had an underwriting capacity of GBP922,937 in 2018, compared to Helios's capacity of GBP41.0 million in the same year prior to the proposed acquisition.
The consideration reflects a discount of 9.0% to the independent valuation of GBP350,695 placed on Nomina.
Helios will reinsure 70% of the 2018 underwriting year, with its stated policy on reducing "on-risk" exposures".
Shares in Helios Underwriting were untraded on Wednesday, last quoted at 128.50 pence.
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