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.

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.

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Consistent 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.