By Frank Prenesti
Date: Friday 22 Jan 2016
LONDON (ShareCast) - (ShareCast News) - Helios Underwriting said it was buying Devon Underwriting, a limited liability member of Lloyd's for £1.1m in cash.
Helios said the deal was in line with its strategy of increasing underwriting capacity through acquisition.
The 2016 underwriting capacity of Devon is £1.2m, compared with with Helios' 2016 capacity of £28.1m prior to the acquisition.
Helios said it would provide around £0.7m in Lloyd's. Devon participates in a spread of Lloyd's syndicates broadly similar to Helios, it added.
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