Helios Underwriting, which is pursuing a number of Lloyd’s of London nameco deals to boost its capacity, has set its sights on Fyshe Underwriting.

A limited liability member of Lloyd’s, Fyshe participates in a spread of syndicates that Helios believes broadly matches its existing portfolio. “This transaction enables Helios to continue to build its participations on the better syndicates at Lloyd’s,” it said.

The swoop, worth a cash consideration of £68,630, is in line with Helios’s strategy of increasing underwriting capacity through acquisitions. Helios said it has conditionally agreed to acquire Fyshe, whose 2018 underwriting capacity is £500,150, to add to its £41 million capacity.

According to the announcement, the cash consideration represents a discount of 38% to an independent valuation by Humphrey’s. Meanwhile transaction completion is conditional upon approval of the change of control by Lloyd’s.

Helios added that it will seek to reinsure 70% of 2018 underwriting year in line with its stated policy of reducing ‘on-risk’ exposures.