Helios Underwriting boosts capacity with Chorlton Underwriting buy

Move is in line with its ongoing growth strategy

Helios Underwriting boosts capacity with Chorlton Underwriting buy

Insurance News

By Terry Gangcuangco

Helios Underwriting Plc has given its underwriting capacity a further boost by purchasing limited liability vehicle (LLV) Chorlton Underwriting Limited for nearly £2 million.

In its announcement, the Lloyd’s-focussed investment company said: “Helios is pleased to announce that, in line with its strategy of increasing underwriting capacity through acquisition, it has acquired the entire issued capital of Chorlton Underwriting Limited for a total consideration of £1,996,830, of which £200,000 has been satisfied by the issue of 123,457 ordinary shares of £0.10 each in the company at £1.62 per share with the remainder satisfied in cash.

“Application has been made for the new Ordinary shares to be admitted to trading on AIM (Alternative Investment Market). Admission is expected to occur at 8:00am on July 18, 2023.”

LLVs recently snapped up by Helios to consolidate underwriting capacity at Lloyd’s include Harris Family UTG, Whitehouse Underwriting, and Risk Capital UTG. For the 2023 account, Helios writes approximately £297 million of Lloyd’s insurance market capacity.

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