Helios Underwriting Plc Quarterly Syndicate Mid-point Forecasts (4022U)
March 29 2019 - 2:01AM
UK Regulatory
TIDMHUW
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.
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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