Helios Underwriting Plc has snapped up four Lloyd’s limited liability vehicles (LLVs).
In line with its underwriting capacity ramp-up strategy, Helios acquired North Breache Underwriting Limited for £3.9 million; Nameco (No 1011) Limited for £891,000; G.T.C. Underwriting Limited, £696,000; and Nameco (No 2012) Limited, £360,000.
“North Breache participates in a spread of Lloyd’s syndicates that broadly matches the existing portfolio of Helios,” noted the Lloyd’s market player, “and this transaction enables Helios to continue to build its participations on the better syndicates at Lloyd’s.”
The other LLVs, meanwhile, bring a combined syndicate capacity of £2.39 million.
According to Helios – which provides a limited liability direct investment into the Lloyd’s market and writes approximately £110 million of capacity for the 2021 account – later announcements will be made as its pipeline of swoops complete.
It was noted that terms have been agreed in principle and that contractual documentation is being finalised for several other transactions. Helios revealed that a further 18 deals are set for completion.