Helios boosts capacity with Advantage swoop

It looks like Helios Underwriting Plc is wasting no time in increasing its underwriting capacity as the Lloyd’s of London market participant snaps up limited liability member Advantage DCP Limited.

Advantage’s 2018 underwriting capacity is £2.3 million while that of Helios, prior to the acquisition, stands at £43 million.

Subject to consent for change of control from Lloyd’s, the deal will see the acquiring firm pay £450,000 in cash at completion plus the balance in tranches in 2019 and 2020. Helios said the consideration is between £1.66 million and £1.91 million, dependent on no deterioration from the current 2017 year of account midpoint forecast of Advantage and the final result of that year.

Meanwhile, aside from this latest transaction, the Lloyd’s market participant is continuing to pursue a number of further swoops in line with its growth strategy.

Earlier this week it was announced that the weighted average prices of the syndicates comprising the Helios Capacity Fund traded in 2018 rose 28% year-on-year following the conclusion of the Lloyd’s capacity auctions.

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