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Helios to acquire Lloyd's of London limited liability vehicle Pooks

Helios Underwriting Plc said Dec. 22 that it conditionally agreed to acquire Lloyd's of London limited liability member Pooks Ltd. for £870,659 in cash, subject to shareholder approval.

The company's value at completion is expected to be approximately £890,600. Completion of the proposed transaction is expected on or around Jan. 12, 2017. If the conditions are not satisfied or waived by March 30, 2017, the acquisition agreement will automatically terminate.

Pooks' underwriting capacity for 2017 is £784,666; Helios' 2017 underwriting capacity, prior to the deal, is £32.6 million. Pooks booked a full-year 2015 pretax profit of £28,165 on gross premiums written of £606,141.

The deal, which follows Helios' acquisition of Salviscount LLP as it continues to grow via acquisitions, is conditional on Lloyd's of London's approval of the change of control of Pooks.