ILS Capital Management adds to stake in Lloyd’s investor Helios

Bermuda headquartered ILS fund and reinsurance linked investment manager ILS Capital Management has purchased more shares in Helios Underwriting, the Lloyd’s of London focused investment and underwriting vehicle.

The acquisition of additional shares on Friday by ILS Capital Management’s flagship insurance-linked securities (ILS) fund vehicle, the 1609 Fund Ltd., takes the managers stake in Helios to 19.4%.

ILS Capital Management, or funds under its management, first invested in Helios back in March 2021, when the ILS investment manager invested £20.8 million into the company during one of its fund-raising rounds.

At the same time Tom Libassi, co-founder and managing partner of ILS Capital Management, became a non-executive director of Helios with a seat on the board.

Now, according to a filing, the 1609 Fund Ltd. has purchased 175,000 ordinary shares of 10 pence each in Helios Underwriting at 160 pence each on November 19th 2021.

After this share acquisition, funds under the management of, or associated with, ILS Capital Management, now hold in aggregate 13,347,000 Ordinary Shares in Helios Underwriting.

That represents approximately 19.4% of the total voting rights in Helios and ILS Capital is one of the largest shareholders in Helios at this time.

ILS Capital Management has made a number of investments into Lloyd’s market business via a range of entities.

Helios, as an investor in limited liability vehicles, is a way for ILS Capital to gain broad exposure to the returns of the Lloyd’s insurance and reinsurance market, via a structure that does the necessary diligence on specific Lloyd’s opportunities.

By tapping into ILS capital providers, Helios can align its own processes with other experienced insurance and reinsurance market investors and underwriters, providing a route to tap their appetites for follow-on capital should the company find more opportunities to invest in vehicles at Lloyd’s.