Helios Underwriting Share Discussion Threads

[topvest] 26/2/2018 20:21

No doubt this year's results will be poor along with a lower dividend. Future probably looks a little better.

[gilston] 26/2/2018 18:51

The share price when he was appointed CEO in Sept. 2012 was 0.72p. In June 2017 it reached £1.58 with a 5.5p divi. Not much value destruction there before the US cat losses of $136b. hit the market & Lloyds auction prices fell.

It`s easy to claim he "overpaid" for acquisitions but what is the evidence to support that? There did not appear to be much quality capacity available for sale much of that time.

I`m just curious, I have no personal connection with Hanbury other than Helios.

[atholl91] 26/2/2018 10:49

Gilston, I do not hate Hanbury. His job is to earn a total return for shareholders notwithstanding his own shareholding in Helios. He hasn't done that and should be replaced. I ran a listed company for 20 years earning a total return for my shareholders that exceeded the FTSE indices. I understand the pressure but when you use other people's capital you perform or you go.

[gilston] 22/2/2018 08:52

Why do you hate Hanbury so much? What has he ever done to you?

[atholl91] 22/2/2018 08:39

Thankfully sold out. Hanbury has presided over value destruction buying Lloyds vehicles at premiums which are now available at discounts to NAV. This has nothing to do with 2017 hurricanes. He should be removed & replaced with an experienced Insurance professional and quickly.

[gilston] 13/10/2017 17:47

Four hurricanes, two earthquakes & now Californian wildfires. Puerto Rico appears to be a total loss. Another month to go for the hurricane season.

The global insurance industry can expect some heavy claims.

[atholl91] 03/10/2017 09:39

Yes. Bought a little ahead of current price but never took up rights thankfully.

[topvest] 02/10/2017 18:40

Do you own shares here as well?

[atholl91] 02/10/2017 14:26

No - they have on balance the same quality as every Underwriting vehicle. It's no better than mine for instance. Good syndicates are limited. If Hanbury's Strategy is good where are the buyers of Helios shares. Lloyds members would be buying in droves if a Disc of 35% to NAV was a bargain. The Board should be buying in stock and that they're not tells you what the NAV is. Any Investment Trust Manager with this discount would be fired if not narrowing it now.

[topvest] 02/10/2017 12:54

I suppose it depends on the quality of the syndicates in each limited liability vehicle. Have they got a better than average mix as they say they have?

[atholl91] 02/10/2017 10:04

Topvest. They are using a valuer who had cornered the market in valuing Lloyds vehicles and as I've noted before the NAV is overstated. If it wasn't why no buyback when Disc -35%. This is the best way to use funds. Lloyds vehicles now at discounts to NAV and being offered every week.

[topvest] 29/9/2017 14:45

Yes, agreed rather poor. Due to this really which is all a bit odd given the US$ rate changed last year. No quantification either!

Operating costs have increased as a loss on the conversion of the US$ profits to sterling received in the distribution from the 2014 underwriting year was realised.

Nevertheless, the outlook is probably better as more bargains to be had with big losses in H2 2017 for all Lloyd's insurers.

This vehicle is ideal and should have done a better job raising capital and getting to a critical mass than they have done. Still too small and missed an opportunity to raise more than they did earlier in the year.

[atholl91] 29/9/2017 09:21

Poor interim results. Disc to NAV now 35% which clearly indicates that the market has no confidence in this strategy. They should be buying in shares. I reiterate my view that until Hanbury goes this will continue to underperform.

[atholl91] 29/8/2017 14:43

He has been buying Lloyds vehicles at high prices and these vehicles have now become available at much lower prices in greater volume than the market has ever seen.Lloyds has had superb results over the past three years, seen bids for quoted insurers with Lloyds interests at good premiums to NAV and this stock has gone nowhere. Need the cobwebs swept away.

[topvest] 10/8/2017 13:52

What's the problem with Hanbury?

[atholl91] 10/8/2017 12:32

Price back to where it was 3 years ago. Lloyds has produced excellent results during this period with Management buying vehicles at prices which now look inflated. Until Hanbury has gone this will never realise value for shareholders.

[ian davenport] 07/4/2017 11:43

interesting move today on not much trade and no obvious news- anyone seen anything?

[atholl91] 15/3/2017 09:33

Lloyds has had an excellent Underwriting results in 2014 as shown by Helios today helped by strong USD - no excuses this time for not increasing dividends to compensate for mediocre share price performance.

[topvest] 02/2/2017 18:59

Well I like this one. Just need to increase their scale a bit more rapidly.

[gilston] 02/2/2017 18:14

After the 2016 Sept. placing, Hanbury held 1.4m shares & his pal Will Roseff held 3.536m shares. Helium acquired 866,667 shares, so no lack of confidence there after raising nearly £6m. cash @ £1.50 per share.

[atholl91] 26/1/2017 12:33

If HUW is undervalued why has Hanbury taken £900k in cash for selling his vehicle to HUW instead of shares. He owns under 20% of the equity so easily able to do this. Not confidence building?

[atholl91] 26/1/2017 12:28

Think the NAV is overstated. It's based on the accountants who have cornered the market in Lloyds vehicle valuations. Hanbury overpays for vehicles based on these NAV valuations. 70% is re-insured so HUW doesn't collect the profits. He has picked up an excellent Underwriting portfolio but the market doesn't rate him.

[gilston] 22/1/2017 14:34

Rather depends on the current NAV. Any guesses?

[topvest] 20/1/2017 20:15

Think he's doing OK to be honest. Its a bit slow progress, but at least its heading in the right direction. Will look to double-up on further weakness.

[gilston] 20/1/2017 18:02

Hanbury is not going to step down when he owns a large shareholding, so what do you think he should be doing?