Helios Underwriting has agreed to acquire Nottus No 51 Limited, a limited liability member of Lloyd's, for £964,500 in cash.
Helios said the 2017 underwriting capacity of Nottus was approximately £669,000 (this compares with Helios's 2017 capacity of £35m prior to this acquisition).
It said Nottus participated in a spread of Lloyd's syndicates that broadly matched the existing portfolio of Helios and this transaction enabled Helios to continue to build its participations on the better syndicates at Lloyd's.
Helios said the consideration represented a discount of 4.0% to the independent valuation of £1.0m placed on Nottus by Humphrey's.
It added that Nottus was expected to have funds surplus to its current underwriting requirements of over £0.60m on completion which Helios would be able to utilise in the future.