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(Alliance News) - Helios Underwriting PLC on Tuesday said it appointed Non-Executive Director Martin Reith as chief executive officer, replacing Nigel Hanbury immediately, while retained capacity rose in 2022.
The investment vehicle that acquires and consolidates underwriting capacity in Lloyds Banking Group PLC's insurance market said it appointed Reith, the former CEO of Ascot Underwriting Ltd as CEO, while former CEO Nigel Hanbury remains on the board as executive deputy chair.
Meanwhile, the company reported that its retained activity for the 2023 year of account rose 34% to GBP238.4 million from GBP177.6 million a year ago. The total capacity increased 24% to GBP296.7 million from GBP238.4 million.
Helios Underwriting said it is confident that it will benefit from Lloyd's market's announced mid point forecasts. Lloyd's has an aggregate of non-third party syndicates forecast of between 2.52% and 7.52% for 2021, up from negative 1.09% to positive 3.91% for 2020.
"We remain confident that we shall deliver improved results and superior return on equity underpinned by our favourable Economic Capital Assessment, and look forward to creating further shareholder value as the benefits of the larger retained capacity flows to the income statement," Helios Underwriting said.
Helios Underwriting shares were 0.6% higher at 163.50 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News reporter
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