Helios Underwriting Plc Quarterly Syndicate Mid-point Forecasts (2127U)
April 01 2021 - 01:00AM
UK Regulatory
TIDMHUW
RNS Number : 2127U
Helios Underwriting Plc
01 April 2021
1(st) April 2021
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
4th 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 acquisition of the
capacity of the better quality syndicates. Our strategy is bringing
results, with returns on average 5.7% better than the Lloyd's
market itself over recent years.
"Following our recent successful fundraising, we are pursuing
opportunities to further build our core portfolio of capacity, to
increase the capacity retained by Helios and continue to achieve
outperformance against the Lloyd's market as whole.
"We look forward to creating further shareholder value."
Year of Account
2018 2019 2020 2021
GBPm GBPm GBPm GBPm
Capacity - Position as
at
17th November 2020
Retained 27.6 23.3 21.1
Reinsured 38.2 39.0 49.1
---------------------------- ------------------------- ----------------------------
65.8 62.2 70.2
---------------------------- ------------------------- ----------------------------
Capacity acquired
since 17th
November 2020
Retained 8.5 8.0 9.7
Reinsured - - -
Capacity - Position as
at
31st March 2021
Retained 36.1 31.3 30.8 58.6
Reinsured 38.2 39.0 49.1 51.6
---------------------------- ------------------------- ---------------------------- ------
74.3 70.3 80.0 110.3
============================ ========================= ============================ ======
Mid-point forecast at
30th
September 2020 -2.10% -2.60%
Final result / Current
mid-point
forecast -0.30% -2.15%
Lloyd's Market Average -5.89% -5.19%
Helios out performance 5.59% 3.04%
Commentary
The 2018 result showed a good improvement over the midpoint
forecasts as at 30(th) September 2020 reflecting the investment
returns achieved and the confidence in the old year reserves of the
supported syndicates.
The outperformance of 5.6% of the portfolio against the average
for the Lloyd's market for 2018 continues the trend of
outperformance achieved over the last 6 years which averages over
5.7% over the period.
The smaller than expected improvement in 2019 midpoint forecast
in the quarter reflects the continuing strengthening of the
reserves for Covid 19 losses by syndicates.
Notes
1) The table above shows the capacity as at 31(st) March 2021
splitting the capacity retained by Helios and the capacity that is
ceded to quota share reinsurers.
2) The acquisitions of the Limited Liability Vehicles and
capacity acquired was announced on 2(nd) November 2020 and the
acquisitions were completed on 27(th) November 2020.
3) The mid-point forecasts for 2018 and 2019 years of account as
of 4(th) quarter 2020 have been aggregated at syndicate level from
estimates supplied by Managing Agents.
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 /
nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer 07754 965 917
Shore Capital Limited
Robert Finlay 020 7601 6100
David Coaten
Willis Re Securities (Financial Adviser)
Alastair Rodger +44 (0)20 3124 6033
Quentin Perrot +44 (0)20 3124 6499
Buchanan
Helen Tarbet / Henry Wilson / 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 GBP110m of capacity
for the 2021 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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