Helios Underwriting Plc Quarterly Syndicate Mid-Point Forecasts (7866F)

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RNS Number : 7866F

Helios Underwriting Plc

19 November 2020

19th November 2020

Helios Underwriting plc

('Helios' or 'the Company')

Quarterly Syndicate Mid-Point Forecasts

Helios, the unique investment vehicle which acquires and consolidates private underwriting capacity at Lloyd's, announces the current mid-point forecasts in respect of its portfolio of syndicate capacity for the 2018 and 2019 years of account based on 3rd quarter 2020 estimates.

Nigel Hanbury, Chief Executive, commented:

"As the only listed consolidator of private capital at Lloyd's, Helios offers a unique opportunity for growth and returns from exposure to the Lloyd's market through targeted acquisitions of the better quality syndicates. Our strategy is bringing results, with returns on average 5.7% better than the Lloyd's market itself over the last seven years of account.

"Looking ahead, we see attractive near-term opportunities to continue to build our core portfolio of capacity, to increase the capacity retained by Helios and achieve outperformance against the Lloyd's market as whole.

"We look forward to the future with confidence."

 
                                      Year of Account 
                                2018      2019    2020 
                                GBPm      GBPm    GBPm 
 Capacity - Position as at 
  16 November 2020 
 Retained                       27.6      23.3    21.1 
 Reinsured                      38.2      39.0    49.1 
                              --------  -------  ------ 
                                65.8      62.2    70.2 
                              --------  -------  ------ 
 
 Mid-point forecast at 30th 
  June 2020                     -3.1%    -1.6% 
 Current mid-point forecast     -2.1%    -2.6% 
 
 Lloyd's market average         -5.5%    -4.1% 
 Helios out performance         3.4%      1.5% 
 
 

Notes

1) The table above shows the capacity as at 16 November 2020 splitting the capacity retained by Helios and the capacity that is ceded to quota share reinsurers.

2) The mid-point forecasts for 2018 and 2019 years of account as of 3rd quarter 2020 have been aggregated at syndicate level from estimates supplied by Managing Agents.

3) The 2019 mid-point estimates have deteriorated as further losses arising from the COVID-19 pandemic are recognised.

   4)    The impact on Helios will be as follows: 

a. The change in the mid point estimates on the retained capacity over the year will be recognised in the Helios income statement in the year to 31(st) December 2020.

b. The overall change in the result will be recognised by Helios in cash at the close of the year of account.

For further information, please contact:

Helios Underwriting plc

Nigel Hanbury - Chief Executive 07787 530 404 / [e-mail]

Arthur Manners - Chief Financial Officer 07754 965 917

Shore Capital

Robert Finlay 020 7408 4080

David Coaten

Henry Willcocks

Buchanan

   Helen Tarbet / Henry Wilson / George Beale                                      07872 604 453 

020 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 GBP70m of capacity for the 2020 account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.

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November 19, 2020 02:00 ET (07:00 GMT)