Acquisition boosts Hampden’s capacity by £900,000
Hampden Underwriting has bought a Lloyd’s corporate member, a vehicle through which individual investors can participate in the Lloyd’s market on a limited liability basis, for £400,000 in cash.
The entity, Nameco (no. 321) Limited, has 2010 underwriting capacity at Lloyd’s of £900,000. It made a full-year 2009 profit of £100,000 from gross written premiums of £1m. Nameco 321 participates in a similar spread of Lloyd’s syndicates to Hampden.
Hampden will contribute a further £100m in cash to its funds at Lloyd’s to support its enlarged underwriting activities.
"We are pleased to have made this acquisition of another corporate member, which further increases our underwriting capacity and is in line with our stated strategy of acquiring corporate members as suitable opportunities arise,” said Jeremy Evans, a director of Hampden Underwriting, in a statement.
No comments yet