Helios Underwriting Plc Syndicate Mid Point Forecasts and Estimate of NAV (9869F)
March 25 2022 - 3:00AM
UK Regulatory
TIDMHUW
RNS Number : 9869F
Helios Underwriting Plc
25 March 2022
25(th) March 2022
Helios Underwriting plc
('Helios' or 'the Company')
Quarterly Syndicate Mid Point Forecasts
and
Estimate of Net Asset Value per Share
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 2019 and 2020 years of account based on
4th quarter 2021 estimates.
Nigel Hanbury, Chief Executive, commented:
"As the only listed consolidator of private capital at Lloyd's,
Helios offers a unique opportunity for growth and returns from
exposure to the Lloyd's market through targeted acquisition of the
capacity of the better performing syndicates. Our strategy is
yielding superior results, with returns on average 6.1% better than
the Lloyd's market itself over recent years. We are thrilled to
learn of the market's return to profitability and our curated
portfolio should outperform the market as we have done
consistently.
"We have increased the retained capacity to GBP172m in
recognition of market discipline and a harder market. We remain
confident that we shall deliver improved results when compared to
the market as a whole, and we look forward to creating further
shareholder value as the benefits of the larger retained capacity
flows to the income statement."
Year of Account
2019 2020 2021 2022
GBPm GBPm GBPm GBPm
Capacity - Position as at 25th
March 2022
Retained 67.4 66.5 93.5 171.9
Reinsured 39.0 49.1 51.5 60.8
-------- ------ ------ ------
106.4 115.6 145.0 232.7
======== ====== ====== ======
Mid-point forecast at 30th
September 2021 0.65% 0.77%
Final result / Current mid-point
forecast 2.67% 0.97%
Lloyd's Market Average (3.09%) 0.85%
Helios out performance 5.76% 0.12%
Commentary
The 2019 result showed a good improvement over the midpoint
forecasts as at 30(th) September 2021 reflecting the investment
returns achieved and the confidence in the old year reserves of the
supported syndicates.
The outperformance of 5.76% of the portfolio against the average
for the Lloyd's market for 2019 continues the trend of
outperformance achieved over the last 5 years which averages
6.1%.
Estimate of Net Asset Value per Share (NAV)
The current estimate of the NAV using the net assets as at
30(th) June 2021 and the revaluation surplus on the capacity
portfolio following the Lloyd's capacity auction in the 4(th)
quarter 2021 is as follows:
GBP'000
Net Tangible Assets - 30th June
2021 98,468
Capacity revaluation surplus 6,948
Revised Net Tangible Assets 105,416
-------------------------
Shares in Issue on market (000's)* 67,786
Estimated Net Tangible Asset
per Share (pence) 1.56
*Excludes treasury shares and Joint Share Ownership Plan
("JSOP") shares
The increase in the value of the capacity portfolio made a
substantial contribution to the growth in Net Tangible Asset Value
per share in 2021 and the good results from the overall Lloyd's
market recently announced is expected to be reflected in the
underlying profitability of the Helios Capacity Portfolio.
Notes
1) The table above shows the capacity as at 25th March 2022
splitting the capacity retained by Helios and the capacity that is
ceded to quota share reinsurers.
2) The mid-point forecasts for 2019 and 2020 years of account as
of 4(th) quarter 2021 have been aggregated at syndicate level from
estimates supplied by Managing Agents.
3) 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 in the year to 31(st) December 2021.
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 77408 4080
David Coaten
Henry Willcocks
Buchanan
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 GBP232m of capacity
for the 2022 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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCPPUMGWUPPPPC
(END) Dow Jones Newswires
March 25, 2022 03:00 ET (07:00 GMT)
Helios Underwriting (LSE:HUW)
Historical Stock Chart
From May 2024 to Jun 2024
Helios Underwriting (LSE:HUW)
Historical Stock Chart
From Jun 2023 to Jun 2024