Helios Underwriting, an AIM-listed investment company, has announced a quartet of acquisitions for a total consideration of £5.85m.
The group’s takeover of North Breache Underwriting was followed by three Limited Liability Vehicles (LLV) takeovers.
Focusing on building its Lloyd’s underwriting capacity, Helios acquired North Breache for a total consideration of £3.9m, with £3.4m of the total paid in cash and £500,000 via the issue of 304,878 new ordinary shares in the firm.
Following this, Nameco (No 1011), Nameco (No 2012), and GTC Underwriting were bought for £891,000, £360,000, and £696,000 respectively.
The trio of LLV’s total a syndicate capacity value of £1.38m, generating almost a combined £3.5m.
Moreover, Helios also revealed that it has agreed terms “in principle” for a further 21 LLVs, which in aggregate have capacity of £22.7m.