Helios Underw Regulatory News (HUW)

10 October 2023

Helios Underwriting plc

("Helios" or the "Company")

Dividend Policy and Share Repurchase Programme

Helios, the investment vehicle which provides shareholders with a spread participation at Lloyd's, announces that the Board of Directors has approved an increase in its dividend policy doubling the annual base dividend to 6p per share and will recommence a share buyback programme whilst the share price remains below stated NAV.

Dividend Policy

The Board has agreed an increase in the annual base dividend from 3p per share to 6p per share to be paid in 2024 and subsequent years. The Board believes that the anticipated future profit stream, subject any adverse conditions in 2023, will support the increased base dividend. This increased base dividend could be further supplemented by special dividends at the Board's discretion. Further announcements on the implementation of this policy will be made later in the year when our underwriting portfolio for the 2024 underwriting year will have been finalised.

Buy Back of Shares Programme

The Company has authorised a further share repurchase programme to return up to a maximum aggregate amount £1,500,000 to the Company's shareholders (the Programme"). It has already allocated £1 million recently for the buyback of its shares as the share price was below tangible book value. The Board believes that while the share price remains at these levels it is in shareholders' interests to continue to buy back shares in the market.

· A share purchase programme initially announced on 15th August 2023 acquired 790,313 ordinary shares for consideration of £1m at an average price of £1.265p.

· This Programme of £1.5m is in addition to the programme announced on 15th August 2023 and will be financed through existing cash resources.

· The aggregate number of ordinary shares of 10 pence each ("Ordinary Shares") acquired by the Company pursuant to all the share purchase programmes shall not exceed the maximum number of Ordinary Shares which the Company is authorised to purchase pursuant to the authority obtained at the Company's AGM to repurchase up to a maximum 7,731,820 Ordinary Shares ("General Authority").

· In accordance with the General Authority, the maximum price paid per Ordinary Share acquired by the Company pursuant to the Programme is to be no more than:

o 105% of the average middle market closing price of an Ordinary Share on AIM for the five business days preceding the date of purchase; and

o the higher of the price of the last independent trade and the highest current independent purchase bid for Ordinary Shares on the trading venue where the purchase is carried out

· The Programme will commence on the date of this announcement and will continue until the earlier of either the expiration of the General Authority or until the maximum pecuniary amount has been purchased under the Programme.

· The purchased Ordinary Shares will be held by the Company in treasury at the Company's discretion for later reissue or cancellation. Shares held in treasury are not entitled to dividends and have no voting rights at the Company's general meetings.

· Share repurchases will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volume. The maximum price paid per Ordinary Share will be no more than the net tangible asset value of the Company, currently 154p per share.

· The Company confirms that it currently has no unpublished inside information.

· The Programme will operate in accordance with and under the terms of the relevant General Authority, and within the regulatory limit on the quantity of Ordinary Shares the Company may purchase on a single day. The Programme will be conducted within the parameters of the Market Abuse Regulation 596/2014/EU and the delegated regulations made pursuant to it.

· However, there will be circumstances where the Company conducts share repurchases such that they exceed 25 per cent of the average daily volume in Ordinary Shares for the 20 trading days prior to the share repurchase.

· As at 9 October 2023, the Company's total issued share capital consisted of 77,945,833 Ordinary Shares, with one voting right per share. The Company holds 1,209,482 Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company was 76,736,351.

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

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.