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Lloyd's of London insurer expands capacity with acquisition

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Lloyd’s of London insurer Helios Underwriting P.L.C. on Friday said it has acquired Devon Underwriting Ltd., a limited liability member of Lloyd’s, for £1.1 million ($1.6 million) in cash.

Devon’s 2016 underwriting capacity is £1.2 million ($1.7 million), compared with Helios’ 2016 capacity of £28.1 million ($40.1 million) prior to the acquisition, Helios said in a statement.

The acquisition “further increases our underwriting capacity,” Helios CEO Nigel Hanbury said in the statement. “This is in line with our stated strategy of acquiring corporate members as suitable opportunities arise. We continue to believe that there remain significant opportunities for further growth available to the Company.”