Helios Underwriting PLC acquired Catbang 926 Ltd., a limited liability member of Lloyd's of London, for a consideration of £5.6 million.
The acquirer said £2 million will be paid on completion and the balance within 60 days of completion. Helios said it is continuing to pursue a number of further Lloyd's limited liability vehicle acquisitions in line with its strategy.
In the year ended Dec. 31, 2018, Catbang made a profit before tax of about £200,000 on gross premiums written of £3.6 million. Syndicate capacity with an estimated market value of £1.3 million has been included in the transaction.
The 2019 underwriting capacity of Catbang is £4.1 million. Helios will reinsure 70% of the 2020 underwriting year.