THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

12 December 2022

Helios Underwriting plc

("Helios" or the "Company")

Result of Open Offer

Further to its announcements of 23 November and 24 November 2022 (the "Announcements"), Helios, the unique investment vehicle which acquires and consolidates underwriting capacity at Lloyd's, announces the result of the Open Offer to Qualifying Shareholders.

The Open Offer closed for applications at 11.00 a.m. on 9 December 2022 and the Company announces that it has received valid acceptances from Qualifying Shareholders in respect of 152,268 Open Offer Shares, including applications received under the Excess Application Facility, which at the Issue Price has raised, in aggregate, approximately £0.24 million.

Arthur Manners, Finance Director of the Company, and Andrew Christie, Non-Executive Director of the Company, subscribed for 10,141 Open Offer Shares and 234 Open Offer Shares, respectively.

It is expected that, subject to the Open Offer becoming unconditional in all respects, Admission will become effective and that dealings in the Open Offer Shares will commence at 8.00 a.m. on 14 December 2022.

This announcement should be read in conjunction with the Announcements and the full text of the Company's circular dated 24 November 2022 ("Circular"), copies of which are available on the Company's website at www.huwplc.com. Capitalised terms in this announcement have the same meaning as given in the Circular.

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

For further information, please contact:

Helios Underwriting plc

Nigel Hanbury - Chief Executive                                       +44 (0)7787 530 404 / [email protected]

Arthur Manners - Chief Financial Officer                       +44 (0)7754 965 917

Shore Capital (Nomad and Broker)

Robert Finlay                                                                        +44 (0)20 7408 4080

David Coaten       

Henry Willcocks

Gallagher (Financial Adviser)                                             +44 (0)20 3124 6033

Deepon Sen Gupta

Alastair Rodger                                                                    

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 £232 million of underwriting capacity for the 2022 year of account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.