Last checked at 16 Aug 2019 07:00
Helios Underwriting plc
("Helios" or the "Company")
Quarterly Syndicate Mid-point Forecasts
Helios, the unique investment vehicle which acquires and consolidates private underwriting capacity at Lloyd's, announces the current mid-point forecasts in respect of its portfolio of syndicate capacity for the 2017 and 2018 years of account based on 2nd quarter 2019 estimates.
| Year of Account |
| |
| 2017 | 2018 | 2019 |
| £m | £m | £m |
Capacity - Position as at 1st January 2019 | 53.1 | 55.7 | 52.6 |
Retained | 27.7 | 18.3 | 15.8 |
Reinsured | 25.4 | 37.4 | 36.8 |
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|
|
|
Capacity acquired since 1st January 2019 |
|
|
|
Retained | 3.0 | 2.4 | 0.9 |
Reinsured | 0.0 | 0.9 | 2.2 |
|
|
|
|
Capacity - Position as at 15th August 2019 |
|
| |
Retained | 30.7 | 20.7 | 16.7 |
Reinsured | 25.4 | 38.3 | 39.0 |
| 56.1 | 59.0 | 55.7 |
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|
|
|
Mid-point forecast at 30th June 2019 | (8.95)% | (3.53)% |
|
Current mid-point forecast | (7.40)% | (3.56)% |
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|
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Lloyd's Market Average | (9.55)% | (4.44)% |
|
Helios out performance | 2.15% | 0.88% |
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Notes
1) The table shows the capacity as at 1st January 2019 separately showing the capacity acquired to date this year, splitting the capacity retained by Helios and the capacity that is ceded to quota share reinsurers. Helios has acquired two LLV's in 2019 to date for £3.4m.
2) The midpoint forecasts for 2017 and 2018 years of account as of 2nd quarter 2019 have been aggregated at syndicate level from estimates supplied by Managing Agents.
3) The change in the midpoint estimates on the retained capacity over the year will be recognised in the Helios income statement in the year to 31st December 2019.
Nigel Hanbury, Chief Executive, commented:
"As the only quoted consolidator of private capital at Lloyd's, Helios offers a unique opportunity for growth and returns from exposure to the Lloyd's market through targeted acquisitions of capacity on the better quality syndicates.
Looking ahead, the number of LLV's for sale is increasing and we see attractive near-term opportunities to continue to consolidate the market and achieve improved outperformance against Lloyd's".
For further information, please contact:
Helios Underwriting plc
Nigel Hanbury - Chief Executive 07787530 404 / nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer 07754 965 917
Shore Capital
Robert Finlay 020 7601 6100
David Coaten
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 £56m of capacity for the 2019 account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.