Hampden Underwriting plc Exchanges Contracts in respect of the Acquisition of a Lloyd's Limited Liability Vehicle
Hampden Underwriting announces that, in line with its strategy of increasing underwriting capacity through acquisition, it has exchanged contracts in respect of a further acquisition of a limited liability member of Lloyd's ("LLV") for a total consideration of £2.6 million in cash. The assets of the LLV acquired (Nameco (No 804) Limited) include associated funds at Lloyd's to support its underwriting activities of £1.6 million. The 2013 underwriting capacity of the LLV acquired is £1.5 million; this compares with Hampden Underwriting's 2013 capacity of £14.4 million following the recently announced acquisitions of Nomina No 035 LLP and Nomina No 342 LLP. Following completion, which is subject to change of control consent from Lloyd's and which is anticipated to take place within 32 days of this announcement, the Company will be able to reduce its aggregate funds at Lloyd's by an estimated £0.7 million. The LLV acquired participates in a spread of Lloyd's syndicates similar to Hampden Underwriting's own participation. It is anticipated that this LLV will be included in the Company's collateralised quota share reinsurance arrangement for the 2014 year of account.