Last checked at 27 Mar 2014 07:00
27 March 2014
Helios Underwriting plc
("HUW" or the "Company")
Aggregated Syndicate Forecasts
The Board of HUW is pleased to announce the following aggregated 2011 underwriting year of account (YOA) result and updated 2012 YOA open year forecast of syndicate profits, both at 31 December 2013, for its portfolio of syndicate participations:
2011 closed year of account result and 2012 open year of account forecast
YOA | HUW syndicate capacity (£m) | Previous forecast of syndicate profit | Current forecast of syndicate profit* | ||||
Mid point (£) | Mid point (%) | Range ( %) | Mid point (£) | Mid point (%) | Range (%) | ||
2011 | 17,578,186 | 1,101,758 | 6.27 | 3.23 - 9.31 | 1,318,459 | 7.50 | N/A |
2012 | 17,999,819 | 1,247,314 | 6.93 | 3.4 - 10.50 | 1,337,882 | 7.43 | 3.93 - 11.00 |
*For 2011 this is the YOA result
Closed years of account - final results
YOA | HUW syndicate capacity (£) | Final result (£) | Final result (%) |
2008 | 8,732,293 | 758,203 | 8.68% |
2009 | 8,325,442 | 1,528,252 | 18.36% |
2010 | 15,735,675 | 400,295 | 2.54% |
Source: Syndicate data; Hampden Agencies Limited and HUW analysis
Explanatory notes:
The tables above show the gross aggregated estimated profits at syndicate level (before members' agent fees payable by HUW and its subsidiaries) of the syndicates in which the Company has participated since 2008 on a three year underwriting year of account (YOA) basis. The figures are also before amounts due to/from XL Re Ltd under reinsurance arrangements with that company which started with effect from the 2013 YOA.
The forecast YOA syndicate profit for HUW is obtained by applying the mid-point of the relevant estimated profit range to each of HUW's syndicate participations.
The information presented above is actual and forecast YOA information only prepared on a three year basis and should not be considered as indicative of the Group's annually accounted expected financial results to be prepared in accordance with International Financial Reporting Standards.
The first detailed estimates for YOA 2013 will be received in May 2014. HUW will provide updates on a quarterly basis which in future will include syndicate estimates for open years only. Further detail, including quarterly progression for all years and syndicate results for closed years, are available on HUW's website at www.huwplc.com.
HUW syndicate participation
HUW's syndicate participation, on which YOA information is based, is presented below and will also be made available on the Company's website.
2011 | 2012 | 2013 | 2014 | |||||
Syndicate | (£'000) | (%)* | (£'000) | (%) | (£'000) | (%) | (£'000) | (%) |
33 | 1,345 | 7.7 | 1,406 | 7.8 | 1,406 | 7.8 | 1,522 | 7.8 |
218 | 1,045 | 5.9 | 754 | 4.2 | 828 | 4.6 | 828 | 4.3 |
260 | 84 | 0.5 | - | - | - | - | - | - |
386 | 511 | 2.9 | 542 | 3.0 | 541 | 3.0 | 541 | 2.8 |
510 | 2,685 | 15.3 | 2,711 | 15.1 | 2,692 | 15.0 | 2,642 | 13.6 |
557 | 741 | 4.2 | 939 | 5.2 | 471 | 2.6 | 471 | 2.4 |
570 | 518 | 3.0 | - | - | - | - | - | - |
609 | 1,382 | 7.9 | 2,013 | 11.2 | 1,968 | 11.0 | 1,973 | 10.1 |
623 | 1,825 | 10.4 | 1,834 | 10.2 | 2,018 | 11.2 | 2,179 | 11.2 |
727 | 473 | 2.7 | 398 | 2.2 | 400 | 2.2 | 400 | 2.1 |
779 | 31 | 0.2 | 20 | 0.1 | 20 | 0.1 | - | - |
807 | 186 | 1.1 | - | - | - | - | - | - |
958 | 1,081 | 6.2 | 799 | 4.4 | 626 | 3.5 | 498 | 2.6 |
1176 | 208 | 1.2 | 291 | 1.6 | 338 | 1.9 | 339 | 1.7 |
1200 | 443 | 2.5 | 242 | 1.3 | 64 | 0.4 | 64 | 0.3 |
1729 | - | - | - | - | - | - | 28 | 0.2 |
2010 | 581 | 3.3 | 549 | 3.1 | 551 | 3.1 | 551 | 2.8 |
2121 | 404 | 2.3 | 157 | 0.9 | 12 | 0.1 | - | - |
2525 | 57 | 0.3 | 129 | 0.7 | 111 | 0.6 | 111 | 0.6 |
2526 | 23 | 0.1 | 52 | 0.3 | 57 | 0.3 | - | - |
2791 | 2,987 | 17.0 | 2,784 | 15.5 | 2,837 | 15.8 | 2,498 | 12.8 |
3334 | 30 | 0.2 | - | - | - | - | - | - |
4242 | 102 | 0.6 | 84 | 0.5 | 84 | 0.5 | 84 | 0.4 |
5820 | - | - | - | - | 78 | 0.4 | 30 | 0.2 |
6103 | 163 | 0.9 | 333 | 1.9 | 392 | 2.2 | 382 | 2.0 |
6104 | 175 | 1.0 | 345 | 1.9 | 396 | 2.2 | 773 | 4.0 |
6105 | 108 | 0.6 | 108 | 0.6 | 60 | 0.3 | 304 | 1.6 |
6106 | 288 | 1.6 | 308 | 1.7 | 271 | 1.5 | - | - |
6107 | 105 | 0.6 | 135 | 0.8 | 10 | 0.1 | 350 | 1.8 |
6110 | - | - | 373 | 2.1 | 845 | 4.7 | 880 | 4.5 |
6111 | - | - | 695 | 3.9 | 844 | 4.7 | 1,067 | 5.5 |
6113 | - | - | - | - | 30 | 0.2 | 20 | 0.1 |
6117 | - | - | - | - | - | - | 926 | 4.8 |
Totals | 17,578 | 100.0 | 18,000 | 100.0 | 17,948 | 100.0 | 19,459 | 100.0 |
* Percentage of total syndicate portfolio
For further information please contact:
HUW
| Nigel Hanbury | nigel.hanbury@huwplc.com |
Smith & Williamson Corporate Finance | David Jones
| 020 7131 4000 |
Westhouse Securities | Robert Finlay Darren Vickers
| 020 7601 6100 |
Haggie Partners | Peter Rigby Brian Norris Rebecca Young | 020 7562 4444 |
About Helios Underwriting
HUW 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). HUW's subsidiary underwriting vehicles trade within the Lloyd's insurance market as corporate members of Lloyd's writing £19.5 million of capacity for the 2014 account. The portfolio provides a good spread of classes of business being concentrated in property insurance, reinsurance and motor business. For further information please visit www.huwplc.com.