5 December 2016
Helios Underwriting plc
("Helios" or the "Company")
2017 Underwriting Year Capacity
Helios is pleased to announce the capacity for 2017 underwriting year has been agreed at £32.6m including the capacity to be acquired with Salviscount LLP. We have continued our policy of focussing on the quality syndicates and capacity on weaker syndicates owned by LLV's acquired during the year was sold in the recent capacity auctions.
Helios Capacity as at 1st December 2016 |
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Underwriting Year |
2014 |
2015 |
2016 |
2017 |
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£m |
£m |
£m |
£m |
Retained |
20.7 |
16.1 |
10.8 |
9.8 |
Reinsured |
14.8 |
16.2 |
22.9 |
22.8 |
Total Capacity |
35.5 |
32.2 |
33.7 |
32.6 |
% of Total Capacity Retained |
58.2% |
49.8% |
32.1% |
30% |
Helios will continue to reinsure 70% of the portfolio at the outset of the underwriting year to reduce "on-risk" exposures. The panel of reinsurers used will remain unchanged and on similar terms to previous years.
Following the capacity auctions that were held during November 2016, the average price of capacity of the Helios portfolio has increased by 9% to 45.7p per £ of capacity. This reflects the improvement in the quality of the portfolio of the underlying syndicates rather than reflecting any movement in average values achieved at the auction.
Following the issue of shares from the Placing and Open Offer in September 2016, the capacity value per share has reduced to 102p per share.
Underwriting Year |
2017 |
2016 |
As at |
Dec-16 |
Dec-15 |
Capacity at 1st Jan - £m |
32.6 |
28.1 |
Capacity Value - £m |
14.9 |
11.8 |
Average price per £ of capacity |
45.7 |
41.9 |
Number of shares in issue (m) |
14.6 |
10.5 |
Capacity value per share - pence |
102.2 |
112.1 |
The quality of the portfolio has been improved with the top 9 syndicate participations comprising over 80% of the capacity portfolio. These syndicates are managed by the leading managing agents at Lloyd's and represent shares in the better managed businesses in Lloyd's.
For further information please contact:
Helios Nigel Hanbury - Chief Executive Arthur Manners |
020 7863 6655 / [email protected] 07754 965 917 |
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Stockdale Robert Finlay |
020 7601 6100 |
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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 £34 million of capacity for the 2016 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.
Additional Information
Set out below are details of Helios' syndicate participations for the 2017 underwriting year:
Helios Underwriting - Analysis of Portfolio - 2017 |
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Syndicate |
Managing Agent |
Helios 2017 Capacity (£'000s) |
% of Helios 2017 portfolio |
Capacity Value of 2017 Portfolio - (£'000s) |
% of the value of the portfolio |
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510 |
Tokio Marine Kiln Syndicates Ltd |
5,522 |
16.9% |
1,524 |
10.2% |
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623 |
Beazley Furlonge Ltd |
4,781 |
14.7% |
3,907 |
26.2% |
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2791 |
Managing Agency Partners Ltd |
3,906 |
12.0% |
1,893 |
12.7% |
|
33 |
Hiscox Syndicates Ltd |
3,299 |
10.1% |
2,487 |
16.7% |
|
609 |
Atrium Underwriters Ltd |
3,186 |
9.8% |
2,095 |
14.0% |
|
6117 |
Ariel Re / Asta Managing Agency |
2,495 |
7.6% |
- |
- |
|
218 |
ERS Syndicate Management Ltd |
1,791 |
5.5% |
151 |
1.0% |
|
727 |
S.A. Meacock |
979 |
3.0% |
826 |
5.5% |
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1176 |
Chaucer Syndicates - Nuclear |
604 |
1.9% |
1,474 |
9.9% |
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26,563 |
81.4% |
14,355 |
96.2% |
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