Last checked at 4 Apr 2023 07:00
4th April 2023
Helios Underwriting plc
("Helios" or the "Company")
Directorship Change
Appointment of Martin Reith as Chief Executive
Helios, the unique investment vehicle that acquires and consolidates underwriting capacity at Lloyd's, is delighted to announce the appointment of Martin Reith as an Executive Director of the Company and as Chief Executive Officer ('CEO') with immediate effect. Nigel Hanbury will remain on the Board as Executive Deputy Chairman, so that the Board can continue to benefit from his leadership and his extensive knowledge of Lloyd's.
Martin Reith has nearly 40 years' experience across underwriting, management and leadership. Prior to joining Helios as a Non-Executive Director in 2021, he held board positions at Neon Underwriting Limited, as CEO from 2015 to 2019 and then assumed a non-executive role until 2020. For the last 12 months, Martin has been heavily involved in advising the Board on the curation of the Helios capacity portfolio.
Martin was the founder and CEO of Ascot Underwriting Limited, which he established in 2001 with the support and backing of AIG. Under his leadership, Ascot became one of the largest and top-performing businesses in Lloyd's with a network of overseas offices. In 2009, Martin stepped down as CEO and served as a non-executive on Ascot's board from 2009 to 2011. Prior to Ascot, he served as CEO of XL Capital's Insurance Operations in London. He is the founder of The Nick Kilhams Foundation, a suicide prevention charity focused on helping city professionals. He has also been a member of the board of directors at AmWINS Group Inc. and has previously served as a director to Securis Investment Partners LLP, an ILS fund based in London, on their various boards. He is currently non-executive chair at Artificial Labs and a board member of Prospero Re, the reinsurance vehicle of Bermuda headquartered ILS fund and investment manager Resolute Global Partners Ltd, a 17.3% shareholder of the Company.
Commenting on his appointment, Martin Reith said:
"Helios is an extraordinary business that has grown significantly in recent years and is seen as the benchmark for private capital in the Lloyd's market. I see exciting opportunities for further shareholder value creation, specifically by repositioning the earnings stream into a combination of underwriting returns, fees and commissions to support further profitable growth. I look forward to setting out my strategy in detail in due course."
Michael Cunningham, Non-Executive Chairman of Helios Underwriting, commented:
"We are delighted by Martin's elevation to CEO. His proven experience in driving growth strategies and creating significant shareholder value means that he is perfectly positioned to lead Helios on to its next stage of evolution.
"We are also very pleased that we will continue to benefit from Nigel's experience and expertise. In his decade as Chief Executive he has led Helios from strength to strength through strategically targeted acquisition activity and organic growth.
"With a plethora of opportunities open to us to take advantage of the current Lloyd's market conditions to drive further growth, we look to the future with confidence."
For further information please contact:
Helios Underwriting plc
Martin Reith - Chief Executive +44(0)7720 292 505
Nigel Hanbury - Executive Deputy Chairman +44 (0)7787 530 404
Arthur Manners - Chief Financial Officer +44 (0)7754 965 917
Shore Capital (Nomad and Broker)
Robert Finlay +44 (0)20 7601 6100
David Coaten
Buchanan (PR)
Helen Tarbet / Henry Wilson / 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 £297m 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.