Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHelios Underw Regulatory News (HUW)

Share Price Information for Helios Underw (HUW)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 165.00
Bid: 160.00
Ask: 170.00
Change: -3.50 (-2.08%)
Spread: 10.00 (6.25%)
Open: 168.50
High: 168.50
Low: 162.00
Prev. Close: 168.50
HUW Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Capacity Value Update

8 Nov 2023 07:00

RNS Number : 7021S
Helios Underwriting Plc
08 November 2023
 

 

 

8th November 2023

 

Helios Underwriting plc

 ("Helios" or the "Company")

Capacity Value Update

 

Helios, the investment vehicle which provides shareholders with a spread participation at Lloyd's, announces an update on the value of Company's capacity portfolio following the Capacity Auctions at Lloyd's.

 

 

Capacity Value

The value of the capacity fund as at 31st December 2023 using the weighted average prices of capacity from the 2023 Lloyd's capacity auctions is expected to increase to £82.4m (31 December 2022: £60.0m). 

 

Freehold Capacity

Value of Capacity

 

£m

£m

Capacity Value at 31 Dec 2022

147.3

60.0

Capacity acquired with LLV's in 2023

7.4

3.5

Value of pre-emption capacity

14.7

7.0

Acquisition of capacity in the capacity auction

6.5

0.4

Increase in portfolio value

-

11.5

Capacity Value expected at 31 Dec 2023

 

175.9

82.4

 

Anticipated Impact on Net Asset Value

 

 

£m

Value of pre-emption capacity

7.0

Increase in portfolio value

11.5

18.5

Deferred Tax provision - 25%

(4.6)

Net Increase in Tangible Net Assets

13.9

Number of shares in Issue

76.5

Increase in Net Asset Value per share

18.2p

 

A summary of the movements in capacity and its value as follows:

 

Helios has acquired 4 LLVs during 2023 with capacity of £8.2m, which was valued at 2022 capacity prices at £3.5m. 

 

The syndicates supported by Helios offered free capacity of £14.7m (2022 - £21.7m) by way of pre-emptions to support the improved underwriting market. The value of the pre-emptions taken up have increased the value of the portfolio by £7.0m.

 

Helios acquired capacity in the 2023 Auctions on syndicates 2121 and 2689 to build positions on these syndicates.

 

The average price per £ of capacity with value after the 2023 Auctions was 47p (2022 - 41p) reflecting the increase in auction prices. 

 

This increase in the capacity portfolio value of £13.9m, net of a provision for deferred tax, will increase the Tangible Net Asset Value by 18.2p, an increase of 11.9% over the Tangible Net Asset Value of at 30th June 2023 of 154p.

 

The pro-forma Tangible Net Asset Value per Share as at 30th June 2023 of 154p adjusted for the increase in the value of the capacity fund of 18.2p is now 172p.

 

The Company expects to publish its updated Net Asset Value as at 30 September 2023 per share in early December 2023.

 

 

Martin Reith, Chief Executive Officer of Helios, commented:

 

"I am delighted that the value of the Freehold Capacity has increased to £82m, representing an increase in the Net Asset Value per share of 18.2p. This is an increase of 11.9% over the reported NAV as at 30th June 2023, and demonstrates the strength of our portfolio and acquisition strategy."

 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) NO 596/2014.

 

For further information, please contact:

Helios Underwriting plc

Martin Reith - Chief Executive Officer +44 (0)20 3965 6441

Nigel Hanbury - Executive Deputy Chairman

Arthur Manners - Chief Financial Officer

 

Deutsche Numis (Nomad and Broker)

Giles Rolls / Charles Farquhar +44 (0)20 7260 1000

 

 

Buchanan (PR)

Helen Tarbet / 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 £310.8m of capacity for the 2023 account. The portfolio provides a good spread of business being concentrated in property & casualty insurance and reinsurance. For further information please visit www.huwplc.com.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCBRBPTMTMMBRJ
Date   Source Headline
2nd Oct 20237:00 amRNSTotal Voting Rights
28th Sep 20237:00 amRNSHalf Year Results
11th Sep 202311:46 amRNSTransaction in Own Shares
8th Sep 202310:23 amRNSTransaction in Own Shares
8th Sep 20237:00 amRNSTransaction in Own Shares
5th Sep 20233:27 pmRNSTransaction in Own Shares
4th Sep 20233:36 pmRNSTransaction in Own Shares
1st Sep 202311:06 amRNSTransaction in Own Shares
1st Sep 20237:00 amRNSTotal Voting Rights
31st Aug 202311:05 amRNSTransaction in Own Shares
30th Aug 20234:05 pmRNSTransaction in Own Shares
30th Aug 20237:00 amRNSQuarterly Syndicate Mid-Point Forecasts
29th Aug 202312:30 pmRNSTransaction in Own Shares
25th Aug 20232:12 pmRNSTransaction in Own Shares
25th Aug 20237:00 amRNSTransaction in Own Shares
24th Aug 20237:00 amRNSTransaction in own shares
23rd Aug 202311:44 amRNSShare Repurchase Programme
21st Aug 20234:23 pmRNSNotification of Major Holdings
21st Aug 202311:40 amRNSDirector's Shareholding
18th Aug 20238:22 amRNSTransaction in Own Shares
17th Aug 20237:00 amRNSTransaction in Own Shares
15th Aug 20234:30 pmRNSShare Repurchase Programme
2nd Aug 20237:00 amRNSTotal Voting Rights
25th Jul 20237:00 amRNSAcquisition
14th Jul 20237:00 amRNSDirector Dealing
14th Jul 20237:00 amRNSAcquisition of Limited Liability Vehicle
13th Jul 20237:00 amRNSIssue of Equity
4th Jul 20237:00 amRNSResults of Scrip Dividend Election
29th Jun 20233:46 pmRNSDirectorship Change
29th Jun 202311:27 amRNSResults of Annual General Meeting
29th Jun 20237:00 amRNSNotification of Major Holdings
16th Jun 20237:00 amRNSScrip Dividend Reference Price
7th Jun 20233:53 pmRNSDirector’s Shareholding
5th Jun 20233:39 pmRNSFinal Dividend Timetable
5th Jun 20237:00 amRNSDirector’s/PCA Shareholdings
1st Jun 20237:00 amRNSGrant of LTIP Award
31st May 20237:00 amRNSPosting of Annual Report and Notice of AGM
31st May 20237:00 amRNSQuarterly Syndicate Mid-Point Forecasts
26th May 20237:00 amRNSFinal Results
12th May 20237:00 amRNSChange of Adviser
11th May 20237:00 amRNSDirectors' Disclosure
11th Apr 20237:00 amRNSDirector's/PCAs' Shareholding
5th Apr 20237:00 amRNSGrant of LTIP Award and Director Dealing
5th Apr 20237:00 amRNSDirector/PCA Shareholdings
4th Apr 20237:00 amRNSDirectorate Change
4th Apr 20237:00 amRNSQuarterly Syndicate Mid Point Forecasts
10th Jan 20237:00 amRNS2023 Helios Retained Capacity Update
29th Dec 20223:38 pmRNSAcquisitions of LLVs, Issue of Equity and TVR
20th Dec 20227:00 amRNSHolding(s) in Company
19th Dec 202212:06 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.