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Pin to quick picksHelios Underw Regulatory News (HUW)

Share Price Information for Helios Underw (HUW)

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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
19th Dec 20229:07 amRNSGrant of LTIP Awards and Directors' Dealings
14th Dec 202212:47 pmRNSHolding(s) in Company
13th Dec 202211:29 amRNSResult of GM, TVR and Directors' Participation
12th Dec 20227:00 amRNSResult of Open Offer
24th Nov 202212:54 pmRNSReplacement - Result of Placing and Subscription
24th Nov 20227:00 amRNSResult of Placing and Subscription
23rd Nov 20224:45 pmRNSFundraising to raise up to approximately £13.5m
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22nd Aug 20227:00 amRNSQuarterly Syndicate Mid Point Forecasts
29th Jun 20221:13 pmRNSResult of AGM
1st Jun 20222:31 pmRNSPosting of Annual Report and Notice of AGM
27th May 20227:00 amRNSFinal Results
23rd May 20229:10 amRNSQuarterly Syndicate Mid Point Forecasts
8th Apr 20227:00 amRNSPCA Shareholding
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4th Mar 20227:00 amRNSDirector/PDMR Shareholding
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4th Jan 20227:00 amRNSDirector/PDMR Shareholding
4th Jan 20227:00 amRNSTotal Voting Rights
22nd Dec 20217:01 amRNS2022 Helios Retained Capacity
22nd Dec 20217:00 amRNSAcquisition of further Limited Liability Vehicles
20th Dec 20217:00 amRNSAcquisition, Issue of Equity & Total Voting Rights
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2nd Dec 20217:00 amRNSAcquisition of further Limited Liability Vehicles
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22nd Nov 20217:00 amRNSDirector/PDMR Shareholding
17th Nov 20217:00 amRNSAcquisition of Shareholding, Issue of Equity & TVR
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11th Nov 20217:00 amRNSAcquisition of further Limited Liability Vehicles
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18th Oct 20217:00 amRNSDirector/PDMR Shareholding
8th Oct 20217:00 amRNSAcquisition of further Limited Liability Vehicles
4th Oct 20217:00 amRNSAcquisition of Further Limited Liability Vehicles
30th Sep 20217:00 amRNSHalf-year Report
23rd Sep 20217:00 amRNSAcquisition of Limited Liability Vehicles
22nd Sep 20217:00 amRNSAcquisition, Issue of Equity & Total Voting Rights
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28th Jul 20217:00 amRNSDirector/PCA Shareholding
29th Jun 20211:32 pmRNSResult of AGM
16th Jun 20217:00 amRNSUpdate re AGM
2nd Jun 20217:00 amRNSDirector/PCA Shareholding
1st Jun 20212:21 pmRNSDividend Declaration
28th May 20217:00 amRNSFinal Results for the year ended 31 December 2020
18th May 20212:30 pmEQSHardman & Co Investor Forum research: Helios Underwriting (HUW): Timing its growth with the insurance cycle
14th May 20217:00 amRNSQuarterly Syndicate Mid-point Forecasts

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