Helios Underwriting : Proposed acquisition of Fyshe Underwriting LLP

Helios Underwriting plc

('Helios' or the 'Company')

Proposed acquisition of Fyshe Underwriting LLP

Helios is pleased to announce that, in line with its strategy of increasing underwriting capacity through acquisition, on 10^th August 2018, it has conditionally agreed to acquire Fyshe Underwriting LLP ('Fyshe'), a limited liability member of Lloyd's of London ('Lloyd's') for a consideration of £68,630 in cash (the 'Acquisition').

Completion of the Acquisition is conditional upon approval of the change of control by Lloyd's, which is expected shortly.

Information in respect of Fyshe

The 2018 underwriting capacity of Fyshe is £500,150 (this compares with Helios's 2018 capacity of £41.0m prior to this acquisition). Fyshe participates in a spread of Lloyd's syndicates that broadly matches the existing portfolio of Helios and this transaction enables Helios to continue to build its participations on the better syndicates at Lloyd's.

The consideration represents a discount of 38% to the independent valuation of £111,526 placed on Fyshe by Humphrey's.

The capacity acquired, together with the capacity Helios expects to retain, is as follows:

Fyshe	Year of Account
	2016	2017	2018
	£m	£m	£m
Retained	0.5	0.5	0.15
Reinsured	-	-	0.35
Total Capacity	0.5	0.5	0.5

Helios will seek to reinsure 70% of 2018 underwriting year in line with its stated policy of reducing 'on-risk' exposures.

In addition to the Fyshe transaction, Helios is continuing to pursue a number of further Lloyd's nameco transactions in line with its strategy.

For further information please contact:

Helios Underwriting plc

Nigel Hanbury - Chief Executive 020 7863 6655 / [e-mail]

Arthur Manners - Chief Financial Officer 07754 965 917

Stockdale Securities Limited

Robert Finlay 020 7601 6100

David Coaten

About Helios

Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW). Helios trades within the Lloyd's insurance market writing approximately £41m of capacity for the 2018 account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.