Helios Underwriting acquires limited liability member of Lloyd's of London

Helios Underwriting has acquired Nomina No 505, a limited liability member of Lloyd's of London, for a total cash consideration of £318,359.

The AIM-listed underwriter told investors on Wednesday that its acquisition of 505, and its 2018 underwriting capacity of £922,937, was in line with its strategy of increasing underwriting capacity through acquisitions.

Helios' 2018 capacity was now in excess of £42m.

505 participates in a spread of Lloyd's syndicates, broadly matching the existing portfolio of Helios and enabling it to continue to build its participation on the better syndicates at Lloyd's.

Helios also noted that the £318,359 consideration represented a discount of 9% to an independent valuation of £350,695 placed on 505.

As of 1110 BST, Helios shares had dipped 4.47% to 122.75p.