16th Feb 2015 08:20
LONDON (Alliance News) - Helios Underwriting PLC Monday said it has agreed to acquire Updown Underwriting Ltd, a limited liability member of insurance market Lloyd's of London, for about GBP600,000 in cash and 429,839 new shares in the company.
The 2015 underwriting capacity of the limited liability vehicle is about GBP900,000, adding to Helios Underwriting's capacity of GBP21.4 million prior to the acquisition.
Completion is subject to change of control consent from Lloyd's, Helios said.
The total value of the deal based on Helios' closing share price on Friday of 124 pence is GBP1.1 million. Shares in the company were untraded at the open.
Updown Underwriting participates in a spread of Lloyd's syndicates broadly similar to Helios Underwriting's own participation, the company added.
Helios Underwriting Chief Executive Nigel Hanbury said the acquisition is in line with its 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," Hanbury said in a statement.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Helios Underw