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December 16, 2019

Helios Underwriting snaps up Lloyd’s member CatBang

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.

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.

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