- Helios said it had entered into an agreement to buy Nameco for £2m on shares-only basis, and had conditionally raised approximately £1.15m gross through the placing of shares at a discount.

The acquisition of Nameco would satisfied by the allotment and issue of the consideration shares to Nigel Hanbury, 51% shareholder of HIPCC, the completion, the company said. The acquisition represented an opportunity for Helios to continue to build its participations on the better syndicates at Lloyd's.

'HIPCC provides a number of reinsurance services to the Group, including certain quota share reinsurance products, which have been developed for the Group,' the company said.

The company placed 895,313 shares at a price of £1.28 a share at a discount of approximately 7%. It also intended to raise up to a further £1.9m by way of an open offer to existing shareholders on the basis of 1 share for every 10 existing shares.

Helios said it would use the net proceeds of the to strengthen its balance sheet and acquire further limited liability vehicles that participate in syndicates at Lloyd's when attractive opportunities arise.

At 8:15am: [LON:HUW] Helios Underwriting PLC share price was -5p at 132.5p

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