We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Helios Underwriting Plc | LSE:HUW | London | Ordinary Share | GB00B23XLS45 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-7.50 | -4.35% | 165.00 | 160.00 | 170.00 | 172.50 | 165.00 | 172.50 | 27,843 | 15:56:48 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Insurance Carriers, Nec | 148.35M | -3.32M | -0.0434 | -38.02 | 126.18M |
TIDMHUW
RNS Number : 7021S
Helios Underwriting Plc
08 November 2023
8(th) November 2023
Helios Underwriting plc
("Helios" or the "Company")
Capacity Value Update
Helios, the investment vehicle which provides shareholders with a spread participation at Lloyd's , announces an update on the value of Company's capacity portfolio following the Capacity Auctions at Lloyd's.
Capacity Value
The value of the capacity fund as at 31 (st) December 2023 using the weighted average prices of capacity from the 2023 Lloyd's capacity auctions is expected to increase to GBP82.4m (31 December 2022: GBP60.0m).
Freehold Value Capacity of Capacity GBPm GBPm Capacity Value at 31 Dec 2022 147.3 60.0 Capacity acquired with LLV's in 2023 7.4 3.5 Value of pre-emption capacity 14.7 7.0 Acquisition of capacity in the capacity auction 6.5 0.4 Increase in portfolio value - 11.5 Capacity Value expected at 31 Dec 2023 175.9 82.4 ------------------------- ------------- Anticipated Impact on Net Asset Value GBPm Value of pre-emption capacity 7.0 Increase in portfolio value 11.5 18.5 Deferred Tax provision - 25% (4.6) Net Increase in Tangible Net Assets 13.9 ====================== Number of shares in Issue 76.5 Increase in Net Asset Value per share 18.2p
A summary of the movements in capacity and its value a s follows :
Helios has acquire d 4 LLVs during 2023 with capacity of GBP8.2m, which was valued at 2022 capacity prices at GBP3.5m.
The syndicates supported by Helios offered free capacity of GBP14.7m (2022 - GBP21.7m) by way of pre-emptions to support the improved underwriting market. The value of the pre-emptions taken up have increased the value of the portfolio by GBP7.0m.
Helios acquired capacity in the 2023 Auctions on syndicates 2121 and 2689 to build positions on these syndicates.
The average price per GBP of capacity with value after the 2023 A uctions was 47p (2022 - 41p) reflecting the increase in auction prices.
This increase in the capacity portfolio value of GBP13.9m, net of a provision for deferred tax, will increase the Tangible Net Asset Value by 18.2p, an increase of 11.9% over the Tangible Net Asset Value of at 30 (th) June 2023 of 154p.
The pro-forma Tangible Net Asset Value per Share as at 30 (th) June 2023 of 154p adjusted for the increase in the value of the capacity fund of 18.2p is now 172p.
The Company expects to publish its updated Net Asset Value as at 30 September 2023 per share in early December 2023.
Martin Reith, Chief Executive Officer of Helios, commented:
"I am delighted that the value of the Freehold Capacity has increased to GBP82m , representing an increase in the Net Asset Value per share of 18.2p . This is an increase of 1 1.9 % over the reported NAV as at 30 (th) June 2023 , and demonstrates the strength of our portfolio and acquisition strategy ."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) NO 596/2014.
For further information, please contact:
Helios Underwriting plc
Martin Reith - Chief Executive Officer +44 (0)20 3965 6441
Nigel Hanbury - Executive Deputy Chairman
Arthur Manners - Chief Financial Officer
Deutsche Numis (Nomad and Broker)
Giles Rolls / Charles Farquhar +44 (0)20 7260 1000
Buchanan (PR)
Helen Tarbet / George Beale +44 (0)7872 604 453
+44 (0)20 7466 5111
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 GBP310.8m of capacity for the 2023 account. The portfolio provides a good spread of business being concentrated in property & casualty insurance and reinsurance. For further information please visit www.huwplc.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
MSCBRBPTMTMMBRJ
(END) Dow Jones Newswires
November 08, 2023 02:00 ET (07:00 GMT)
1 Year Helios Underwriting Chart |
1 Month Helios Underwriting Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions