Helios Underwriting has purchased Charmac Underwriting Limited for £2.24 million, maintaining its strategy of increasing underwriting capacity through acquisitions.
The deal was completed on Monday following approval by Lloyd’s of London of the change of control at Charmac.
Charmac is expected to have funds surplus to its current underwriting requirements of over £1 million on completion, which Helios can use in the future.
The acquisition adds Charmac’s 2017 underwriting capacity of £1.6 million to Helios’s capacity of £33.4 million for this year’s account.
Charmac participates in a spread of Lloyd’s syndicates that broadly matches Helios’s existing portfolio. The transaction enables Helios to continue to build its participations on the better Lloyd’s syndicates.
A limited liability member of Lloyd’s, Charmac recorded pre-tax profit of £48,000 in 2015 on gross premiums written of £1.32m. Its net asset value at that time was £1.2 million.
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