Helios Underwriting Plc Capacity Value Update (4014S)
November 15 2021 - 6:27AM
UK Regulatory
TIDMHUW
RNS Number : 4014S
Helios Underwriting Plc
15 November 2021
15(th) November 2021
Helios Underwriting plc
("Helios" or the "Company")
Capacity Value Update
Helios, the unique investment vehicle which acquires and
consolidates underwriting capacity at Lloyd's announces an update
on the value of Company's capacity portfolio following the Capacity
Auctions at Lloyd's.
Nigel Hanbury, Chief Executive of Helios, commented:
"I am delighted that the value of the capacity portfolio will
increase to GBP60m with the revaluation of the existing portfolio
adding 9.6p to the Tangible Net Asset value per share - a 6.6%
increase."
Capacity Value
The value of the capacity fund as at 31 (st) December 202 1
using the weighted average prices of capacity from the 202 1
Lloyd's capacity auctions is expected to increase to GBP60.2 m ( 31
(st) December 2020: GBP30.8 m).
Capacity Value of
Capacity
GBPm GBPm
Capacity Value at 31 Dec
2020 110.3 30.8
Capacity expected to be acquired with
LLV's in 2021 35.4 18.0
Value of pre-emption capacity 6.3 2.3
Acquisition of capacity in the capacity
auction 23.8 2.6
Increase in portfolio value - 6.5
Capacity Value expected
at 31 Dec 2021 175.8 60.2
------------------------- ----------
Impact on Net Asset Value GBPm
Value of pre-emption
capacity 2.3
Increase in portfolio
value 6.5
8.8
Deferred Tax provision
- 25% (2.2)
Net Increase in Tangible Net Assets 6.6
=====================
Number of shares in Issue 69.0
Increase in Net Asset Value per
share 9.6p
A summary of the movements in capacity and its value are:
Helios is expecting to acquire 29 LLVs during 2021 with capacity
of GBP35.4m, which was valued at 2021 capacity prices at GBP18.0 m.
We have completed 19 acquisitions to date, acquiring GBP22.7m of
capacity and the remaining 10 acquisitions are expected to complete
shortly.
The syndicates supported by Helios offered free capacity of
GBP6.3m (2020 - GBP10.7m ) by way of pre-emptions to support the
improved underwriting market. The value of the pre-emptions taken
up have increased the value of the portfolio by GBP2.3m.
Helios continued to manage the capacity portfolio discarding
unwanted syndicates and taking positions on syndicat es, in
particular syndicate 510 and syndicate 2689, tak ing the total
additional capacity acquired at auction to GBP23.8 m for
consideration of GBP2.6m.
The average price per GBP of capacity with valu e after the 2021
auctions was 41p (2020 - 37 p) reflecting the increase in auction
prices .
This increase in the capacity portfolio value of GBP6.5m, net of
a provision for deferred tax, will increase the Tangible Net Asset
Value by 9.6p, an increase of 6.6% over the Tangible Net Asset
Value of at 30 (th) June 2021 of 146p.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) NO 596/2014.
For further information, please contact:
Helios Underwriting plc
Nigel Hanbury - Chief Executive +44 (0)7787 530 404 / nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer +44 (0)7754 965 917
Shore Capital (Nomad and Broker)
Robert Finlay +44 (0)20 7601 6100
David Coaten
Willis Re Securities (Financial Adviser)
Alastair Rodger +44 (0)20 3124 6033
Buchanan (PR)
Helen Tarbet / Henry Wilson / George Beale +44 (0)7872 604 453
+44 (0)20 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 GBP130m of capacity
for the 2021 account. The portfolio provides a good spread of
business being concentrated in property insurance and reinsurance.
For further information please visit www.huwplc.com .
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