Helios Underwriting buys Salviscount LLP for £0.8m

Helios Underwriting said it had bought Salviscount Limited Liability Partnership, a limited liability member of Lloyd's, for £0.8m in cash.

AIM-listed Helios said it was seeking to increase its underwriting capacity and expected to retain Salviscount's own capacity of £1m.

“Salviscount participates in a spread of Lloyd's syndicates broadly similar to Helios's own participation,” Helios said in a statement on Monday.

In the year to 31 December 2015 Salviscount it made a pre-tax profits of £0.118m on gross premiums written of £0.881m and its net asset value at completion is expected to be approximately £0.8m, including underwriting capacity with an estimated market value of £0.4m, Helios added.