Helios Underwriting PLC shares rose on Wednesday, after it said it will buy up to £3.7 million in shares.

Helios Underwriting is an investment vehicle, which provides shareholders with participation in the Lloyd’s insurance market. Its shares were 5.8% to 169.20 pence each in London on Wednesday morning.

Since Helios announced its first buyback programme back in August, it has repurchased 2.8 million shares worth £4.0 million.

The new buyback will begin on Wednesday, and will be financed with Helios Underwriting’s existing cash resources.

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