14th Jul 2014 09:26
LONDON (Alliance News) - Helios Underwriting PLC Monday said it has secured stop-loss reinsurance cover for 2014.
The company, which provides a limited-liability direct investment into the Lloyd's insurance market, said it has entered the stop-loss reinsurance agreement with Hampden Insurance PCC Guernsey Ltd Cell 7 - a special purpose vehicle majority 51% owned by Nigel Hanbury, a director holding a 14.8% stake in Helios, and 49% by Hampden Capital PLC. Hampden Capital holds a 11.9% shareholding in Helios.
Under the agreement Helios will pay a premium of approximately GBP112,000 for stop-loss cover for 10% in excess of 10% in relation to a significant majority of Helios' underwriting capacity. The first 10% of any loss and any in excess over 20% would borne by Helios.
Helios shares were down 1.7% at 148.50 pence Monday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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