Helios Underwriting Plc Quarterly Syndicate Forecasts and Capacity Update (4784Z)

TIDMHUW

RNS Number : 4784Z

Helios Underwriting Plc

15 March 2017

15(th) March 2017

Helios Underwriting plc

("Helios" or the "Company")

Quarterly Syndicate Mid Point Forecasts and Capacity Update

Helios announces the final result for 2014 year of account and the current mid point forecasts for the 2015 years of account in respect of its portfolio of syndicate capacity based on 4(th) quarter 2016 results.

 
                                        Year of Account 
                                      2014    2015    2016 
                                      GBPm    GBPm    GBPm 
 
 Capacity 
 Position as at 28(th) November 
  2016 
 Retained                             19.5    15.1    12.1 
 Reinsured                            14.9    16.2    20.6 
                                    -------  ------  ----- 
                                      34.4    31.3    32.7 
                                    =======  ======  ===== 
 
 
 Capacity acquired since 28(th) 
  November 2016 
 Retained                             1.1      0.9    1.0 
 Reinsured                             -        -       - 
 
 Capacity - Position as at 31(st) 
  December 2016 
 Retained                             20.6    16.0    13.1 
 Reinsured                            14.9    16.2    20.6 
                                    -------  ------  ----- 
                                      35.5    32.2    33.7 
                                    =======  ======  ===== 
 
 
 
 Mid point forecast at 30th 
  September 2016                     12.78%   7.55% 
 Final result / current mid 
  point forecast                     15.50%   8.16%   N/A 
 
 Lloyds Market Average               10.10%   3.60% 
 Helios outperformance               5.40%    4.56% 
 

Notes

1) The final result for 2014 year of account and the mid point forecasts as of 4(th) quarter 2016 for 2015 year of account have been aggregated at syndicate level from estimates supplied by managing agents

   2)   The impact on Helios will be as follows: 

a. The increase in the final result for 2014 year of account on the retained capacity will be substantially recognised in the Helios income statement this year.

b. The overall improvement in the result will be received by Helios in cash when the profits are distributed after the close of the year of account.

Capacity Update

The analysis of capacity reinsured and retained as at 1(st) January 2017 and the effect of the acquisition of Pooks Limited is set out below.

 
                             Year of Account 
                           2015    2016   2017 
                           GBPm    GBPm   GBPm 
 Position as at 1st Jan 
  2017                     32.2    33.7   32.6 
                          ------  -----  ----- 
 Retained                  16.0    13.1   9.8 
 Reinsured                 16.2    20.6   22.8 
 
 Acquired since 1st Jan 
  2017 
 Retained                   0.4    0.4    0.2 
 Reinsured                  0.4    0.4    0.6 
 
 Position as at 14th 
  March 2017 
 Retained                  16.4    13.5   10.0 
 Reinsured                 16.6    21.0   23.4 
                           33.0    34.5   33.4 
                          ======  =====  ===== 
 

The capacity of Pooks Limited that was acquired was subject to a 50% quota share reinsurance contract.

For further information please contact:

Helios

   Nigel Hanbury - Chief Executive                             07787 530404 / [e-mail] 
   Arthur Manners - Chief Financial Officer               07754 965917 
   Stockdale Securities                                                 020 7601 6100 

Robert Finlay

Richard Johnson

About Helios

Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW). Helios trades within the Lloyd's insurance market writing approximately GBP33 million of capacity for the 2017 account. The portfolio provides a good spread of classes of business being concentrated in property insurance and reinsurance. For further information, please visit www.huwplc.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 15, 2017 03:00 ET (07:00 GMT)