Syndicate Forecasts

RNS Number : 1494N

Helios Underwriting Plc

23 July 2014

 



23 July 2014

Helios Underwriting plc

("HUW" or the "Company")

Syndicate Forecasts

Set out below are aggregated 2013 and 2012 open underwriting year of account (YOA) forecasts of syndicate profits for HUW's portfolio of syndicate participations and also final results of earlier closed years:

2012 and 2013 open year of account forecasts

YOA	HUW syndicate capacity (£000)	Previous forecast of syndicate profit 31 December 2013			Current forecast of syndicate profit 31 March 2014
		Mid point (£000)	Mid point (%)	Range (%)	Mid point (£000)	Mid point (%)	Range (%)
2012	19,637	1,571	8.00	3.88 - 10.98	1,717	8.75	5.57 - 11.92
2013	19,700	NA	NA	NA	1,322	6.73	2.30 - 11.17

Closed years of account - final results

YOA	HUW syndicate capacity (£000)	Final result (£000)	Final result (%)
2008	8,732	758	8.68
2009	8,325	1,528	18.36
2010	15,736	400	2.54
2011	19,236	1,457	7.57

Source: Syndicate data; Hampden Agencies Limited and HUW analysis

Explanatory notes:

The tables above show the gross aggregated estimated profits at syndicate level (before members' agent fees payable by HUW and its subsidiaries) of the syndicates in which the Company has participated since 2008 on a three year underwriting year of account (YOA) basis. The figures are also before HUW's quota share and stop loss reinsurance arrangements which started with effect from the 2013 YOA.

The forecast YOA syndicate profit for HUW is obtained by applying the mid-point of the relevant estimated profit range to each of HUW's syndicate participations.

The information presented above is actual and forecast YOA information only prepared on a three year basis and should not be considered as indicative of the Group's annually accounted expected financial results to be prepared in accordance with International Financial Reporting Standards.

Further details, including quarterly progression for all years and syndicate results for closed years, are available on HUW's website at www.huwplc.com.

HUW syndicate participation

HUW's syndicate participation in open years, on which YOA information is based, is presented below and is also available on the Company's website:

	2012		2013		2014
Syndicate	£'000	%*	£'000	%*	£'000	%*
33	1,603	8.2%	1,604	8.1%	1,730	8.1%
218	845	4.3%	918	4.7%	918	4.3%
308	73	0.4%	70	0.4%	85	0.4%
386	598	3.0%	598	3.0%	597	2.8%
510	2,955	15.0%	2,937	14.9%	2,887	13.6%
557	982	5.0%	511	2.6%	481	2.3%
609	2,233	11.4%	2,189	11.1%	2,194	10.3%
623	2,050	10.4%	2,243	11.4%	2,423	11.4%
727	482	2.5%	484	2.5%	484	2.3%
779	20	0.1%	20	0.1%	-	-
958	828	4.2%	647	3.3%	515	2.4%
1176	313	1.6%	360	1.8%	362	1.7%
1200	242	1.2%	65	0.3%	65	0.3%
1729	-	-	-	-	38	0.2%
2010	596	3.0%	598	3.0%	598	2.8%
2121	157	0.8%	12	0.1%	-	-
2525	132	0.7%	115	0.6%	115	0.5%
2526	53	0.3%	57	0.3%	-	-
2791	3,029	15.4%	3,082	15.6%	2,714	12.8%
4242	96	0.5%	96	0.5%	96	0.5%
5820	-	-	108	0.5%	60	0.3%
6103	333	1.7%	405	2.1%	392	1.8%
6104	345	1.8%	416	2.1%	813	3.8%
6105	117	0.6%	65	0.3%	319	1.5%
6106	308	1.6%	271	1.4%	-	-
6107	135	0.7%	10	0.1%	350	1.6%
6110	393	2.0%	880	4.5%	925	4.3%
6111	718	3.7%	910	4.6%	1,134	5.3%
6113	-	-	30	0.2%	20	0.1%
6117	-	-	-	-	970	4.6%
Total	19,637	100.0%	19,700	100.0%	21,285	100.0%

* Percentage of total syndicate portfolio

For further information please contact:

HUW	Nigel Hanbury	[e-mail]
Smith & Williamson Corporate Finance	David Jones	020 7131 4000
Westhouse Securities	Robert Finlay Darren Vickers	020 7601 6100
Haggie Partners	Peter Rigby Brian Norris Rebecca Young	020 7562 4444

About HUW

HUW 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). HUW's subsidiary underwriting vehicles trade within the Lloyd's insurance market as corporate members of Lloyd's writing £21 million of capacity for the 2014 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.

 

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