Helios Underwriting Plc Quarterly Syndicate Mid-point Forecasts (6478T)
26 November 2021 - 6:00PM
UK Regulatory
TIDMHUW
RNS Number : 6478T
Helios Underwriting Plc
26 November 2021
26 November 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 2019 and 2020 years of account based on
3(rd) quarter 2021 estimates.
Nigel Hanbury, Chief Executive, commented:
"As the only listed consolidator of private capital at Lloyd's,
Helios continues to build a diversified and unique portfolio of
insurance risk with top performing syndicates, having completed 21
acquisitions of Limited Liability Vehicles in the last three
months, acquiring GBP22.7m of capacity on the 2021 underwriting
year. Our strategy is bringing results, increasing our retained
capacity to GBP81m for 2021 in a year where pricing, terms and
conditions of the business underwriter have continued to
improve.
We look forward to creating further shareholder value."
Year of Account
2019 2020 2021
GBPm GBPm GBPm
Capacity - Position as at
19(th) August 2021
Retained 31.3 30.9 58.6
Reinsured 39.0 49.1 51.6
-------- ------- ------
70.3 80.0 110.2
======== ======= ======
Capacity Acquired since 19(th)
August 2021
Retained 24.0 23.4 22.7
Reinsured - - -
24.0 23.4 22.7
======== ======= ======
Total Capacity as at 25(th)
November 2021
Retained 55.3 54.3 81.3
Reinsured 39.0 49.1 51.6
-------- ------- ------
94.3 103.4 132.9
======== ======= ======
Mid-point forecast at 19th
August 2021 0.01% 0.98%
Current mid-point forecast 0.65% 0.77%
Lloyd's Market Average -3.50% 0.59%
Helios outperformance 4.15% 0.18%
Commentary
The mid-point forecasts have been calculated using the enlarged
capacity including the capacity recently acquired. The midpoint
estimate on a like for like basis using the capacity portfolio as
at 19(th) August 2021 are as follows:
2019
YOA 2020 YOA
Mid-point forecast at 19th
August 2021 0.01% 0.98%
Current mid-point forecast
- "like for like portfolio" 1.40% 1.03%
The improvement in the results of the underlying portfolio
before the effect of the capacity recently acquired continues to be
in line with expectations. The 2019 current estimate shows a
welcome increase over the estimate as at 19 August 2021. For 2020
underwriting year, there is a small improvement in the mid-point
estimate in the underlying portfolio.
The outperformance of 4.15% of the portfolio against the average
for the Lloyd's market for 2019 continues the trend of
outperformance achieved over the last 6 years that averages over
4.7% during the period.
Notes
1) The table above shows the capacity as at 25(th) November 2021
splitting the capacity retained by Helios and the capacity that is
ceded to quota share reinsurers.
2) The mid-point forecasts for 2019 and 2020 years of account as
of 3rd quarter 2021 have been aggregated at syndicate level from
estimates supplied by Managing Agents.
3) 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 2021.
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 +44 (0)7787 530 404 / nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer +44 (0)7754 965 917
Shore Capital
Robert Finlay +44 (0)20 7601 6100
David Coaten
Willis Re Securities (Financial Adviser)
Alastair Rodger +44 (0)20 3124 6033
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 GBP133m 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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END
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