Helios Underwriting acquires Lloyd’s entity Catbang 926 for £5.6m

Insurance investor Helios Underwriting has acquired Catbang 926, a limited liability member of Lloyd's of London.

Helios will pay £5.6 million in cash for Catbang, £2 million of which will be paid on completion, with the remaining £3.6m to come within 60 days of completion.

The consideration represents a discount of about 16 percent to Catbang's independent valuation of £6.7 million.

The AIM-listed group said the 2019 underwriting capacity of Catbang was £4.1 million and noted that it participated in a spread of Lloyd's syndicates that broadly matched Helios' existing portfolio.

Helios will reinsure 70 percent of the 2020 underwriting year, in line with its policy of reducing "on-risk" exposures.

The company also said that in addition to the Catbang transaction, it was continuing to pursue a number of further Lloyd's LLV acquisitions.

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