Hampden completes purchase of Lloyd's corporate member

Lloyd’s investment vehicle Hampden Underwriting has completed its purchase NameCo 917, a Lloyd’s corporate member.

Hampden announced its intention to buy the vehicle last week when it revealed it had appointed Nigel Hanbury, NameCo 917’s owner, as its new chief executive. Hanbury previously served as chief executive and chairman of Hampden Agencies.

Hampden has now received the necessary regulatory approvals to buy the corporate member.

Corporate members are companies that provide underwriting capital to Lloyd’s syndicates. They are similar to Names, who are individual investors. Hampden Underwriting effectively acts as an interface between such investors and the Lloyd’s syndicates.

NameCo 917 has a 2012 underwriting capacity of £1.7m. It participates in a spread of Lloyd’s syndicates similar to Hampden Underwriting’s own participation.

In the year ended 31 December 2011, NameCo 917 made a profit before tax of £0.1 million on gross premiums
written of £1.2 million and had net assets of £1.8 million at that date.

Following the acquisition of NameCo 917, Hampden applied for the 1,113,572 new ordinary shares issued as consideration for the acquisition to be admitted to trading on the London Stock Exchange’s Alternative Investment Market (AIM). This is expected to become effective on 5 October 2012.

Following the issue of the new shares, Hanbury, as a director of Hampden Underwriting, will be interested in 1,261,257 ordinary shares, representing 14.79% of the company’s enlarged issued share capital.

Following the issue, Hampden will have 8,526,948 ordinary shares with each share carrying the right to one vote.