Helios Underwriting chair steps down to focus on non-executive roles

(Alliance News) - Helios Underwriting PLC on Monday said executive chair Michael Wade has decided to step down at the end of February.

The investment vehicle, which provides shareholders with participation in the Lloyd's insurance market said Wade was leaving to develop his non-executive portfolio.

Non-Executive Director John Chambers will become interim executive chair. Chambers joined the board in July last year.

Wade said: "Serving on the board of Helios has provided a unique perspective across the whole Lloyd's Market. I leave Helios and its diverse portfolio of syndicates delivering strong results and well positioned and wish John and the board all the best for the future."

Incoming interim chair John Chambers said: "On behalf of the board, I thank Michael for his leadership and he leaves with our best wishes. He has played a key role in Helios' strong growth and successful restructuring, leaving the business well positioned for the future. As we look ahead, I look forward to undertaking a search for a new chief executive officer. Helios remains committed to its long term strategy of selecting the best-performing syndicates at Lloyd's to maximise returns for investors."

Helios Underwriting shares were down 0.4% to 226.00 pence in London on Monday morning.

By Michael Hennessey, Alliance News reporter

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