Quarterly Syndicate Forecasts and Capacity Update

RNS Number : 4784Z
Helios Underwriting Plc
15 March 2017
 

 

15th March 2017

 

Helios Underwriting plc

 

("Helios" or the "Company")

 

Quarterly Syndicate Mid Point Forecasts and Capacity Update

 

Helios announces the final result for 2014 year of account and the current mid point forecasts for the 2015 years of account in respect of its portfolio of syndicate capacity based on 4th quarter 2016 results.

 

 

 

Year of Account

 

2014

 

2015

 

2016

 

£m

 

£m

 

£m

 

 

 

 

 

 

Capacity

 

 

 

 

 

Position as at 28th November  2016

 

 

 

 

 

Retained

19.5

 

15.1

 

12.1

Reinsured

14.9

 

16.2

 

20.6

 

34.4

 

31.3

 

32.7

 

 

 

 

 

 

 

 

 

 

 

 

Capacity acquired since 28th November 2016

 

 

 

 

 

Retained

1.1

 

0.9

 

1.0

Reinsured

-

 

-

 

   -  

 

 

 

 

 

 

Capacity - Position as at 31st December 2016

 

 

 

 

 

Retained

20.6

 

16.0

 

13.1

Reinsured

14.9

 

16.2

 

20.6

 

35.5

 

32.2

 

33.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mid point forecast at 30th September 2016

12.78%

 

7.55%

 

 

Final result / current  mid point forecast

15.50%

 

8.16%

 

N/A

 

 

 

 

 

 

Lloyds Market Average

10.10%

 

3.60%

 

 

Helios outperformance

5.40%

 

4.56%

 

 

 

 

Notes

 

1)   The final result for 2014 year of account and the mid point forecasts as of 4th quarter 2016 for 2015 year of account have been aggregated at syndicate level  from estimates supplied by managing agents

2)   The impact on Helios will be as follows:

a.   The increase in the final result for 2014 year of account on the retained capacity will be substantially recognised in the Helios income statement this year.

b.   The overall improvement in the result will be received by Helios in cash when the profits are distributed after the close of the year of account.

 

Capacity Update

 

The analysis of capacity reinsured and retained as at 1st January 2017 and the effect of the acquisition of Pooks Limited is set out below.

 

Year of Account

 

2015

 

2016

 

2017

 

£m

 

£m

 

£m

Position as at 1st Jan 2017

32.2

 

33.7

 

32.6

Retained

16.0

 

13.1

 

9.8

Reinsured

16.2

 

20.6

 

22.8

 

 

 

 

 

 

Acquired since 1st Jan 2017

 

 

 

 

 

Retained

0.4

 

0.4

 

0.2

Reinsured

0.4

 

0.4

 

0.6

 

 

 

 

 

 

Position as at 14th March 2017

 

 

 

 

 

Retained

16.4

 

13.5

 

10.0

Reinsured

16.6

 

21.0

 

23.4

 

33.0

 

34.5

 

33.4

 

 

The capacity of Pooks Limited that was acquired was subject to a 50% quota share reinsurance contract.

 

 

For further information please contact:

Helios

Nigel Hanbury - Chief Executive                             07787 530404 / nigel.hanbury@huwplc.com

Arthur Manners - Chief Financial Officer               07754 965917

  

 

Stockdale Securities                                                 020 7601 6100

Robert Finlay

Richard Johnson

 

 

 

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 £33 million of capacity for the 2017 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. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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