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HUW Helios Underwriting Plc

180.00
-2.50 (-1.37%)
Last Updated: 08:10:29
Delayed by 15 minutes
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
  -2.50 -1.37% 180.00 175.00 185.00 182.50 180.00 182.50 109 08:10:29
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Insurance Carriers, Nec 148.35M -3.32M -0.0434 -41.47 137.65M

Helios Underwriting Plc Quarterly Syndicate Mid-point Forecasts (4022U)

29/03/2019 7:01am

UK Regulatory


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RNS Number : 4022U

Helios Underwriting Plc

29 March 2019

29th March 2019

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 2016 and 2017 years of account based on 4th quarter 2018 results.

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 5.4% better than the Lloyd's market itself.

"Looking ahead, the number of LLV's for sale is increasing and we see attractive near-term opportunities to continue to build our core portfolio of capacity and achieve outperformance against the Lloyd's market as whole.

"We look forward to the future with confidence."

 
                                                 Year of Account 
 
                                             2016       2017     2018   2019 
                                             GBPm       GBPm     GBPm   GBPm 
 
     Capacity - Position 
   as at 28(th) March 2019 
  Retained                                     35.1       28.9   18.7   16.1 
  Reinsured                                    19.9       25.4   38.2   37.6 
                                           --------  ---------  -----  ----- 
                                               55.0       54.3   56.9   53.7 
                                           ========  =========  =====  ===== 
 
 
 
 Mid-point forecast at 
  30(th) September 2018                       5.51%    (8.39%) 
 Result / Current mid-point 
  forecast                                    5.99%    (9.53%)    N/A 
 
 Lloyd's Market Average                     (2.86%)   (10.92%) 
 Helios outperformance                        8.85%      1.39% 
 
 
 

Notes

1) The table above shows the capacity as at 28(th) March 2019 splitting the capacity retained by Helios and the capacity that is ceded to quota share reinsurers. Helios acquired six limited liability vehicles during 2018 for a total consideration of GBP12.2m and in 2019 to date a single LLV has been acquired for GBP1.1m

2) The result for the 2016 year of account and the mid point forecasts for 2017 year of account as of 4th quarter 2018 have been aggregated at syndicate level from estimates supplied by Managing Agents

3) The Helios outperformance is measured using the result on the capacity at the end of the year - including the capacity of the portfolios acquired which include participations on underperforming syndicates that will subsequently be discarded. The effect of excluding the acquired capacity and basing the Helios outperformance against the mid-point forecasts on the capacity at the start of the underwriting year - the core Helios portfolio - versus the Lloyds Market average is shown below:

 
                             2016      2017 
 Result / Current 
  mid-point forecast 
  Core Portfolio            8.60%    -8.26% 
 Lloyd's Market 
  Average                  -2.86%   -10.92% 
 Helios out performance    11.46%     2.66% 
------------------------  -------  -------- 
 

4) The 2017 mid point estimates have been impacted by both the attritional losses that were incurred during 2018 and by the deterioration of forecasts of the 2017 losses by some syndicates.

   5)    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 2018.

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                                                     07787530 404 / nigel.hanbury@huwplc.com 
   Arthur Manners - Chief Financial Officer                                      07754 965 917 

Stockdale Securities Limited

Robert Finlay 020 7601 6100

David Coaten

Buchanan 020 7466 5000

Helen Tarbet

Henry Wilson

Hannah Ratcliff

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 GBP54m of capacity for the 2019 account. The portfolio provides a good spread of business being concentrated in property 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.

END

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March 29, 2019 03:01 ET (07:01 GMT)

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