Helios, an investment vehicle which acquires and consolidates underwriting capacity at Lloyd’s, announced proposals to raise approximately £20 million through the issue of new shares pursuant to a placing, subscription, open offer and the acquisition of certain limited liability Lloyd’s underwriting vehicles.

The new shares are to be issued at 120p representing a 4 per cent premium to the market price prior to announcement. This fundraise would effectively double Helios’ market cap, providing the company with “near-term firepower” to exploit hardening market conditions at Lloyd’s, an improving limited liability vehicle (LLV) acquisition pipeline, pre-emptions and this year’s Lloyd’s capacity auctions.

Helios Underwriting is led by chief executive Nigel Hanbury.

Hanbury commented: “On behalf of the board I wish to thank our investors, new and existing, for their support. We now look forward to working with our new colleagues and partners to execute our strategy, which we are confident will be value enhancing for shareholders.”

Shore Capital is an independent securities business offering institutional and corporate clients investment banking, research, sales and trading services, including fixed income. 

Shore Capital is led by chairman Howard Shore and co-chief executive officers Simon Fine and David Kaye.

Charles Russell Speechlys advised Shore Capital. The London-based Charles Russell Speechlys team was led by Andrew Collins with support from James Scott.