Last checked at 17 Mar 2015 07:00
17 March 2015
Helios Underwriting plc
("HUW" or the "Company")
Syndicate Forecasts
Set out below are the aggregated 2012 underwriting year of account (YOA) result and updated 2013 YOA forecast of syndicate profits for HUW's portfolio of syndicate participations:
2012 closed year of account and 2013 open year of account forecast
YOA | HUW syndicate capacity (£000) | Previous forecast of syndicate profit 30 September 2014 | Current forecast of syndicate profit* 31 December 2014 | ||||
Mid point (£000) | Mid point (%) | Range (%) | Mid point (£000) | Mid point (%) | Range (%) | ||
2012 | 23,722 | 2,538 | 10.70 | 7.77 - 13.63 | 3,122 | 13.16 | NA |
2013 | 23,923 | 1,938 | 8.10 | 4.16 - 12.04 | 2,047 | 8.56 | 4.65 - 12.46 |
Source: Syndicate data; Hampden Agencies Limited and HUW analysis
* For 2012 this is the YOA result
Explanatory notes:
The table above shows the gross aggregated estimated profits at syndicate level (before members' agent fees payable by HUW and its subsidiaries) for the syndicates in which the Company participates on a three year underwriting year of account (YOA) basis. The figures are also before HUW's quota share and stop loss reinsurance arrangements. 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 prepared on a three year YOA 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. Further details, including quarterly progression for all years and syndicate results for closed years, will shortly be available on HUW's website at www.huwplc.com.
HUW syndicate participation
HUW's syndicate participations, on which YOA information is based, is presented below and is also available on the Company's website:
2012 | 2013 | 2014 | 2015 | |||||
Syndicate | £'000 | %* | £'000 | %* | £'000 | %* | £'000 | %* |
33 | 1,859 | 7.8% | 1,860 | 7.8% | 2,001 | 7.8% | 2,001 | 8.7% |
218 | 1,239 | 5.2% | 1,286 | 5.4% | 1,286 | 5.0% | 1,028 | 4.5% |
308 | 73 | 0.3% | 70 | 0.3% | 85 | 0.3% | - | - |
386 | 701 | 3.0% | 701 | 2.9% | 701 | 2.7% | 598 | 2.6% |
510 | 4,009 | 16.9% | 3,993 | 16.7% | 3,943 | 15.4% | 3,943 | 17.1% |
557 | 1,002 | 4.2% | 529 | 2.2% | 499 | 2.0% | 499 | 2.2% |
609 | 2,373 | 10.0% | 2,329 | 9.7% | 2,335 | 9.1% | 2,338 | 10.2% |
623 | 2,353 | 9.9% | 2,561 | 10.7% | 2,766 | 10.8% | 2,578 | 11.2% |
727 | 590 | 2.5% | 592 | 2.5% | 592 | 2.3% | 592 | 2.6% |
779 | 20 | 0.1% | 20 | 0.1% | - | - | - | - |
958 | 942 | 4.0% | 736 | 3.1% | 585 | 2.3% | 74 | 0.3% |
1176 | 398 | 1.7% | 445 | 1.9% | 447 | 1.7% | 447 | 1.9% |
1200 | 284 | 1.2% | 106 | 0.4% | 106 | 0.4% | 41 | 0.2% |
1729 | - | - | - | - | 58 | 0.2% | 19 | 0.1% |
2010 | 743 | 3.1% | 745 | 3.1% | 745 | 2.9% | 652 | 2.8% |
2014 | - | - | - | - | 137 | 0.5% | 930 | 4.0% |
2121 | 157 | 0.7% | 12 | 0.0% | - | - | - | - |
2525 | 138 | 0.6% | 120 | 0.5% | 120 | 0.5% | 120 | 0.5% |
2526 | 55 | 0.2% | 60 | 0.2% | - | - | - | - |
2791 | 3,964 | 16.7% | 4,017 | 16.8% | 3,537 | 13.8% | 3,123 | 13.6% |
4242 | 122 | 0.5% | 122 | 0.5% | 122 | 0.5% | 138 | 0.6% |
5820 | - | - | 172 | 0.7% | 118 | 0.5% | 58 | 0.3% |
6103 | 431 | 1.8% | 517 | 2.2% | 475 | 1.9% | 191 | 0.8% |
6104 | 408 | 1.7% | 539 | 2.3% | 946 | 3.7% | 946 | 4.1% |
6105 | 134 | 0.6% | 74 | 0.3% | 386 | 1.5% | 400 | 1.7% |
6106 | 353 | 1.5% | 320 | 1.3% | - | - | - | - |
6107 | 165 | 0.7% | 33 | 0.1% | 373 | 1.5% | 373 | 1.6% |
6110 | 448 | 1.9% | 979 | 4.1% | 925 | 3.6% | - | - |
6111 | 762 | 3.2% | 958 | 4.0% | 1,206 | 4.7% | 1,218 | 5.3% |
6113 | - | - | 30 | 0.1% | 20 | 0.1% | - | - |
6117 | - | - | - | - | 1,057 | 4.1% | 698 | 3.0% |
Total | 23,722 | 100.0% | 23,923 | 100.0% | 25,568 | 100.0% | 23,007 | 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
| 020 7601 6100 |
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About HUW
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 £23 million of capacity for the 2015 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.