Helios Underwriting Plc Quarterly Syndicate Mid-Point Forecasts (2461W)
August 17 2020 - 2:00AM
UK Regulatory
TIDMHUW
RNS Number : 2461W
Helios Underwriting Plc
17 August 2020
17 (th) August 2020
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 2018 and 2019 years of account based on
2(nd) quarter 2020 results.
Nigel Hanbury, Chief Executive, commented :
" As the only listed consolidator of private capital at Lloyd '
s, Helios offers a unique opportunity for growth and income returns
from direct exposure to the Lloyd ' s market through targeted
acquisitions of the better quality syndicates. We are pleased to
report that our strategy is producing results, with an average 5.6%
outperformance over the Lloyd ' s market over the last seven
years.
The improving market we are experiencing is expected to present
significant opportunities to grow Helios and to enhance value for
shareholders.
We look forward to the future with confidence."
2018 2019 2020
GBPm GBPm GBPm
Capacity - Position as at 14(th)
August 2020
Retained 27.6 23.3 21.1
Reinsured 38.2 39.0 49.1
------ ------ -----
65.8 62.3 70.2
------ ------ -----
Mid-point forecast at 31(st)
March 2020 -3.9% -0.7%
Current mid-point forecast
at 30(th) June 2020 -3.1% -1.6%
Lloyd's market average -6.1% -2.7%
Helios out performance 3.0% 1.1%
Notes
1) The table above shows the capacity as at 14(th) August 2020
splitting the capacity retained by Helios and the capacity that is
ceded to quota share reinsurers.
2) The mid-point forecasts for 2018 and 2019 years of account as
of 2nd quarter 2020 have been aggregated at syndicate level from
estimates supplied by Managing Agents.
3) The 2019 mid-point estimates have deteriorated as further
losses arising from the COVID-19 pandemic are recognised. Helios
has approximately GBP5m available from facilities provided by its
bank and from its stop loss reinsurers to assist in funding of
solvency deficits.
4) The impact on Helios will be as follows:
a. The change in the mid-point estimates on the retained
capacity over the year will be recognised in the Helios income
statement for the year to 31(st) December 2020.
b. The overall change in the result will be recognised by Helios
in cash at the close of the year of account.
For further information, please contact:
Helios Underwriting plc
Nigel Hanbury - Chief Executive 07787 530 404 /
nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer 07754 965 917
Shore Capital
Robert Finlay 020 7408 4080
David Coaten
Buchanan
Helen Tarbet / Henry Wilson / George Beale 07872 604 453 020 7466 5111
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 GBP70m of capacity
for the 2020 account. The portfolio provides a good spread of
business being concentrated in property insurance and reinsurance.
For further information please visit www.huwplc.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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