Helios, an investment and underwriting arm of Lloyds of London, has acquired North Breache Underwriting in a deal worth a total of £3.9m.
According to Reinsurance News, the total consideration paid for North Breache – a limited liability member of Lloyd’s of London – comes to £3.9m, of which £3.4m was paid on completion in cash with £0.5m being satisfied by the issue of 304,878 new shares in Helios at 164p per share.
Terms of the deal were agreed in principle, with contractual documentation currently being finalised for a further 21 Limited Liability Vehicles which together have a financial capacity of £22.7m.
North Breache participates in a range of Lloyd’s syndicates that largely matches the current existing portfolio of Helios. Breache made a profit before tax of £0.1m on grass premiums written of £4m last year.
Reinsurance News highlighted that alongside the North Breache deal, Helios is continuing to pursue a number of further Lloyd’s LLV acquisitions in line with its current strategy to bolster underwriting capacity.
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