Quarterly Syndicate Mid-point Forecasts

RNS Number : 0311X
Helios Underwriting Plc
21 November 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 3rd quarter 2017 results.

 

 

 

Year of Account

 

 

 

 

 

 

 

2015

2016

2017

 

 

£m

£m

£m

Capacity - Position at 1st Jan 2017

 

32.2

33.7

32.6

 

Retained

16.1

10.9

9.8

 

Reinsured

16.2

22.8

22.8

 

 

 

 

 

Capacity acquired since 1 January 2017

 

 

 

 

 

Retained

3.7           

3.8

1.8

 

Quota Share

Commutation

-

3.3

-

 

Increase in Retained

3.7

7.1

1.8

 

Reinsured

0.4

(2.9)

2.6

 

 

 

 

 

Capacity - Position as at 20th November 2017

 

 

 

 

 

Retained

19.8

18.0

11.6

 

Reinsured

16.6

19.9

25.4

 

 

36.4

37.9

37.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mid-point forecast at 30th June 2017

 

10.82%

3.77%

 

Current mid-point forecast

 

10.99%

2.98%

N/A

 

 

 

 

 

Lloyd's Market Average 3rd Qtr

 

4.63%

(2.72)%

 

Helios outperformance

 

6.36%

5.70%

 

 

Notes

1)    The tables show the movement in capacity as a result of acquisitions made since 1st Jan 2017 splitting the capacity retained by Helios and the capacity that is ceded to quota share reinsurers.

2)    The mid point forecasts as of 3rd quarter 2017 have been aggregated at syndicate level from estimates supplied by managing agents.

3)    The midpoint estimates for 2016 year of account have reduced during the quarter having been impacted by the 3rd quarter 2017 hurricane losses.

4)    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 over the year 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

Nigel Hanbury - Chief Executive                                                             020 7863 6655 / nigel.hanbury@huwplc.com

Arthur Manners - Chief Financial Officer                                            07754 965 917

Stockdale

Robert Finlay                                                                                                  020 7601 6100

 

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 £36.3m 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.

 


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