9th Jul 2014 07:46
LONDON (Alliance News) - Helios Underwriting PLC said Wednesday that it has agreed to acquire Dumasco Limited, a limited liability member of Lloyd's of London in a GBP2.5 million cash deal.
The company said the transaction is in line with its strategy of increasing underwriting capacity through acquisitions.
Helios said the 2014 underwriting capacity of the LLV is GBP1.5 million. Helios Underwriting's 2014 capacity for 2014 was GBP21.3 million prior to this acquisition.
Nigel Hanbury, the company's Chief Executive Officer said of the deal, "This is in line with our stated strategy of acquiring corporate members as suitable opportunities arise. We continue to believe that there remain significant opportunities for further growth available to the Company."
Shares in Helios Underwriting were Wednesday trading 0.99% lower at 149.50 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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