London-based Helios Underwriting has purchased Catbang 926, a limited liability member of Lloyd’s of London, as part of its on-going expansion strategy.
As per the terms of the transaction, Helios Underwriting will pay a total of £5.6m in cash.
Go deeper with GlobalData
Of this, approximately £2m will be paid on closing of the deal while the remaining amount will be paid within a period of two months after the completion of the deal.
In a statement, Helios Underwriting said: “The consideration represents a discount of approximately 16% to the independent valuation of £6.7m placed on Catbang by Humphrey’s and is approximately £0.6m below the fair value of assets being acquired.”
Catbang has an underwriting capacity of £4.1m this year. It also participates in a spread of Lloyd’s syndicates that generally matches the existing portfolio of Helios.
Helios noted that the takeover of CatBang will further boost its underwriting capacity.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataConsistent with its stated policy of reducing ‘on-risk’ exposures, Helios has decided to reinsure 70% of 2020 underwriting year.
Helios noted that it will continue to focus on buying various other Lloyd’s LLVs.
