Helios nets Lloyd's insurer Fyshe Underwriting

Lloyds insurer Helios Underwriting has conditionally agreed to acquire fellow member Fyshe Underwriting for £68,630.

Helios' acquisition of Fyshe, a limited liability member of Lloyd's of London, was conditional upon approval of the change of control by Lloyd's, something the group expects to receive "shortly".

AIM-quoted Helios said the £500,150 underwriting capacity of Fyshe, which participates in a spread of Lloyd's syndicates with many similarities to its own portfolio, would give a decent leg up to Helios's 2018 capacity of £41m

The £68,630 consideration for the deal represents a discount of 38% to an independent valuation of £111,526 placed on Fyshe by Humphrey's.

The group intends to reinsure 70% of its 2018 underwriting year, in line with its policy of reducing "on-risk" exposures.

As of middat on Monday, Helios shares had crept up 0.77% to 131p.