Quarterly Syndicate Mid Point Forecasts

RNS Number : 7206N

Helios Underwriting Plc

11 August 2017

 

Helios Underwriting plc

("Helios" or the "Company")

Quarterly Syndicate Mid-Point Forecasts

Helios announces the current mid-point forecasts in respect of its portfolio of syndicate capacity for the 2015 and 2016 years of account based on 2^nd quarter 2017 results.

		Year of Account
		2015	2016	2017
		£m	£m	£m
Capacity - Position at 1 January 2017		32.2	33.7	32.6
	Retained	16.1	10.8	9.8
	Reinsured	16.2	22.9	22.8
Capacity acquired since 1 January 2017
	Retained	2.4	2.5	0.9
	Reinsured	0.4	0.4	2.2
Capacity - Position as at 1 August 2017
	Retained	18.5	13.3	10.7
	Reinsured	16.6	23.3	25.0
		35.1	36.6	35.7
Mid-point forecast at 31 March 2017		9.82%	3.48%
Current mid-point forecast		10.82%	3.77%	N/A
Lloyd's Market Average		4.60%	0.45%
Helios outperformance		6.22%	3.32%

Notes

1)    The table shows the movement in capacity as result of acquisitions made since 1 January 2017 splitting the capacity retained by Helios and the capacity that is ceded to quota share reinsurers.

2)    The mid point forecasts as of 2^nd quarter 2017 have been aggregated at syndicate level from estimates supplied by Managing Agents

3)    The impact on Helios will be as follows:

a.    The additional capacity acquired on the open years will make a contribution to the earnings of Helios although part of the result will have been earned in prior years or will be treated as pre-acquisition profits. 

b.    The increase in the mid point estimates on the retained capacity will be recognised in the Helios income statement this year.

c.     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.

For further information please contact:

Helios Underwriting plc

Nigel Hanbury - Chief Executive                                                              020 7863 6655 / [e-mail]

Arthur Manners - Chief Financial Officer                                             07754 965 917

Stockdale Securities Limited

Robert Finlay                                                                                                   020 7601 6100

David Coaten

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 £35.7m of capacity for the 2017 account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. For further information please visit www.huwplc.com.

 

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