Last checked at 29 Nov 2016 07:00
29 November 2016
Helios Underwriting plc
("Helios" or the "Company")
Quarterly Syndicate Mid Point Forecasts
Helios announces the current mid point forecasts in respect of its portfolio of syndicate capacity for the 2014 and 2015 years of account based on 3rdquarter 2016 results.
Year of Account | ||||||
2014 | 2015 | 2016 | ||||
£m | £m | £m | ||||
Capacity | ||||||
Position as at 28th November 2016 | ||||||
Retained | 19.5 | 15.1 | 9.8 | |||
Reinsured | 14.9 | 16.2 | 22.9 | |||
34.4 | 31.3 | 32.7 | ||||
Mid point forecast at 30th June 2016 | 11.31% | 7.22% | ||||
Current Mid point forecast | 12.78% | 7.55% | N/A | |||
Lloyds Market Average | 9.40% | 3.30% | ||||
Helios outperformance | 3.38% | 4.25% | ||||
Notes
1) There has been no change in the capacity of the Company since the previous announcement of quarterly results on 25th August 2016.
2) The mid point forecasts as of 3rd quarter 2016 have been aggregated at syndicate level from estimates supplied by Managing Agents
3) The impact on Helios will be as follows:
a. The increase in the mid point estimates for 2014 Year of Account on the retained capacity will be recognised in the Helios income statement this year.
b. The overall improvement in the result will be received by Helios in cash when the profits are distributed after the close of the year of account.
For further information please contact:
Helios
Nigel Hanbury - Chief Executive 07787 530404 / nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer 07754 965917
Stockdale Securities 020 7601 6100
Robert Finlay
Richard Johnson
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 £33 million of capacity for the 2016 account. The portfolio provides a good spread of classes of business being concentrated in property insurance and reinsurance. For further information, please visit www.huwplc.com.