Last checked at 23 Jul 2014 15:51
23 July 2014
Helios Underwriting plc
("HUW" or the "Company")
Syndicate Forecasts
Set out below are aggregated 2013 and 2012 open underwriting year of account (YOA) forecasts of syndicate profits for HUW's portfolio of syndicate participations and also final results of earlier closed years:
2012 and 2013 open year of account forecasts
YOA | HUW syndicate capacity (£000) | Previous forecast of syndicate profit 31 December 2013 | Current forecast of syndicate profit 31 March 2014 | ||||
Mid point (£000) | Mid point (%) | Range (%) | Mid point (£000) | Mid point (%) | Range (%) | ||
2012 | 19,637 | 1,571 | 8.00 | 3.88 - 10.98 | 1,717 | 8.75 | 5.57 - 11.92
|
2013 | 19,700 | NA | NA | NA | 1,322 | 6.73 | 2.30 - 11.17
|
Closed years of account - final results
YOA | HUW syndicate capacity (£000) | Final result (£000) | Final result (%) |
2008 | 8,732 | 758 | 8.68 |
2009 | 8,325 | 1,528 | 18.36 |
2010 | 15,736 | 400 | 2.54 |
2011 | 19,236 | 1,457 | 7.57 |
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 HUW's quota share and stop loss reinsurance arrangements 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.
Further details, 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 in open years, on which YOA information is based, is presented below and is also available on the Company's website:
2012 | 2013 | 2014 | ||||
Syndicate | £'000 | %* | £'000 | %* | £'000 | %* |
33 | 1,603 | 8.2% | 1,604 | 8.1% | 1,730 | 8.1% |
218 | 845 | 4.3% | 918 | 4.7% | 918 | 4.3% |
308 | 73 | 0.4% | 70 | 0.4% | 85 | 0.4% |
386 | 598 | 3.0% | 598 | 3.0% | 597 | 2.8% |
510 | 2,955 | 15.0% | 2,937 | 14.9% | 2,887 | 13.6% |
557 | 982 | 5.0% | 511 | 2.6% | 481 | 2.3% |
609 | 2,233 | 11.4% | 2,189 | 11.1% | 2,194 | 10.3% |
623 | 2,050 | 10.4% | 2,243 | 11.4% | 2,423 | 11.4% |
727 | 482 | 2.5% | 484 | 2.5% | 484 | 2.3% |
779 | 20 | 0.1% | 20 | 0.1% | - | - |
958 | 828 | 4.2% | 647 | 3.3% | 515 | 2.4% |
1176 | 313 | 1.6% | 360 | 1.8% | 362 | 1.7% |
1200 | 242 | 1.2% | 65 | 0.3% | 65 | 0.3% |
1729 | - | - | - | - | 38 | 0.2% |
2010 | 596 | 3.0% | 598 | 3.0% | 598 | 2.8% |
2121 | 157 | 0.8% | 12 | 0.1% | - | - |
2525 | 132 | 0.7% | 115 | 0.6% | 115 | 0.5% |
2526 | 53 | 0.3% | 57 | 0.3% | - | - |
2791 | 3,029 | 15.4% | 3,082 | 15.6% | 2,714 | 12.8% |
4242 | 96 | 0.5% | 96 | 0.5% | 96 | 0.5% |
5820 | - | - | 108 | 0.5% | 60 | 0.3% |
6103 | 333 | 1.7% | 405 | 2.1% | 392 | 1.8% |
6104 | 345 | 1.8% | 416 | 2.1% | 813 | 3.8% |
6105 | 117 | 0.6% | 65 | 0.3% | 319 | 1.5% |
6106 | 308 | 1.6% | 271 | 1.4% | - | - |
6107 | 135 | 0.7% | 10 | 0.1% | 350 | 1.6% |
6110 | 393 | 2.0% | 880 | 4.5% | 925 | 4.3% |
6111 | 718 | 3.7% | 910 | 4.6% | 1,134 | 5.3% |
6113 | - | - | 30 | 0.2% | 20 | 0.1% |
6117 | - | - | - | - | 970 | 4.6% |
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Total | 19,637 | 100.0% | 19,700 | 100.0% | 21,285 | 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 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 £21 million of capacity for the 2014 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.