Helios acquires Charmac Underwriting

M&A news

The acquisition was completed on 3 April 2017 following approval by Lloyd's and is in line with the company's "strategy of increasing underwriting capacity through acquisition," Helios said in a stock market update. The consideration represents a 5% discount to the independent valuation of £2.35m placed on Charmac by Humphrey's. The 2017 underwriting capacity of Charmac is £1.6m. The acquisition will see Helios's 2017 capacity of £33.4m rise to £35m. Helios will reinsure 70% of the 2017 un