Firm on the lookout for further deals
Helios Underwriting has bought Lloyd’s insurers Nameco (No. 76) and Kempton Underwriting for £2.4m ($3.74m).
Helios said the acquisitions, in exchange for 1.45 million shares, was designed to increase underwriting capacity.
The combined 2015 underwriting capacity of Nameco and Kempton is £2m. Helios’ 2015 capacity was £24.7m before the deal.
Helios chief executive Nigel Hanbury said: “We are delighted to have agreed further LLV acquisitions that will further increase our underwriting capacity and, in this instance, to have been able to use our shares as consideration.
“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.”
No comments yet