Helios Underwriting Plc will acquire Lloyd's of London limited liability member Nottus No 51 Ltd. for a consideration of £964,500 in cash.
The consideration represents a discount of 4.0% to the independent valuation of £1.0 million placed on Nottus by Humphrey's. Nottus is expected to have funds surplus to its current underwriting requirements of over £600,000 on completion, which Helios will be able to utilize in the future.
Nottus has a 2017 underwriting capacity of approximately £669,000, compared with Helios' capacity of £35 million prior to the acquisition. Helios said the limited liability member participates in a spread of Lloyd's syndicates that broadly matches the existing portfolio of Helios.