Supportive mid-points and fresh buybacks

Helios Underwriting (Helios) released its Q425 quarterly Lloyd’s of London syndicate mid-points for the 2023 and 2024 years of account (YOA) on 9 April 2026. The mid-points, which provide guidance on the ultimate expected underwriting performance of the syndicates, have shown positive development over the past quarter and are supportive of our earnings forecasts for the company in FY25 and FY26. With large 2023 YOA profits expected to be realised in May 2026, Helios has announced a renewed share buyback programme of £2.0m, which will add to attractive shareholder distributions, including ordinary dividends and potential special dividends. We maintain our valuation of 277p per share.