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(Correcting that Helios Underwriting is an investment vehicle that acquires and consolidates underwriting capacity at Lloyd’s insurance market, not Lloyds Banking Group).
Helios Underwriting PLC on Tuesday said its overall portfolio on January 1 increased by 27% from a year earlier.
Helios Underwriting is an AIM-listed investment company which offers growth and returns by building a portfolio of underwriting capacity at Lloyd’s by acquiring limited liability vehicles.
The firm said its overall portfolio on January 1, including the capacity reinsured, increased by 27% to around £296.6 million from £232.7 million a year earlier.
It said the prospects for underwriting profitability and higher investment returns have improved considerably.
The board believes this substantial increase in the retained capacity will significantly benefit shareholders from 2023 onwards.
‘Market discipline remains strong and we are confident that 2023 will offer superior returns. The January renewals supports this with significant pricing improvement and market dislocation in the reinsurance and retro markets respectively,’ said Chief Executive Nigel Hanbury.
‘Rating indices across most lines are at or above our underwriting requirements and the board is confident the company is well positioned to maximise market opportunities.’
Helios Underwriting added it continues to support both new and well-established syndicates that offer capacity for a limited period only, expecting to continue this support in the longer term.
Shares in Helios Underwriting closed down 3.4% to 157.00 pence each in London on Tuesday.
By Greg Rosenvinge, Alliance News reporter
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