2026 YOA Portfolio Update

Helios Underwriting Plc

20 January 2026

 

20 January 2026                                                               

Helios Underwriting plc

('Helios' or 'the Company')

2026 YOA Portfolio Update

Helios announces expected 2026 managed capacity for its Lloyd's syndicate portfolio of £467 million

Helios Underwriting, the only publicly traded company offering instant access to a portfolio of syndicates at Lloyd's of London, the world's largest insurance market, will be supporting a diversified portfolio of syndicates for the 2026 Year of Account with an overall capacity of £467m (2025: £491m).

The revised capacity figure reflects further improvements to the quality and resilience of the syndicate portfolio and includes trading at the 2025 auctions and Limited Liability Vehicles (LLV) acquisitions. Helios has recently completed the purchase of two LLVs for a consideration of £4.85m in cash compared with the Humphrey Valuation of £5.09m.  The capacity acquired has been included in the Helios portfolio for 2026.

The 2026 portfolio remains well-diversified underpinned by disciplined allocation across syndicates, geographies and classes of business. With 75% of capacity allocated to established syndicates, the portfolio is structured to deliver a sustainable pipeline of profits whilst effectively managing volatility.

The proportion of freehold capacity for 2026 YOA has increased by 35% to £218m (2025 YOA: £161m).

The NAV per share as at 30 September 2025 has increased 3.8% to £2.48 in Q3 driven by pipeline profits and results of the recent Lloyd's capacity auctions. Profit expectations for the 2023, 2024 and 2025 Years of Account remain strong.

The 10 syndicates, which represent 59% of the total portfolio for 2026, are:

Arch 1955

Atrium 609

Beazley 623

Beazley 5623

Blenheim 5886

Convex 1984

Fidelis 3123

Hiscox 33

IQUW 218

Nephila 2358

In line with the company's strategy to reduce gearing and costs the proportion of the portfolio ceded through reinsurance and Members' Agency Pooling Arrangements (MAPA) arrangements has increased for the 2026 Year of Account.

Louis Tucker, Chief Executive Officer, commented:

"Today's announcement of our 2026 portfolio capacity of £467m underscores Helios' position as a leading portfolio manager within the Lloyd's market. While market conditions are starting to soften following a period of exceptionally strong pricing, rates remain attractive overall.

Through our data driven, quantitative and qualitative approach to portfolio optimisation we continue to enhance portfolio quality and refine the class of business mix to suit market conditions.

The portfolio continues to prioritise established syndicates with proven track records to deliver sustainable, cross-cycle performance.

The Board remains focused on maximising long-term shareholder value and continues to take steps to reduce gearing and costs. The Board is also committed to reviewing Helios' dividend policy as profit distributions develop." 

For further information, please contact:

Helios Underwriting plc

Louis Tucker - Chief Executive Officer                                                   [phone] 

Adhiraj Maitra - Director of Finance and Operations                       [phone]

Deutsche Numis (Nomad and Broker)

Giles Rolls / Charles Farquhar                                                              [phone]

FTI Consulting

Ed Berry                                                                                                   [phone]

Christian Harte                                                                                       [phone]

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. The portfolio provides a broad spread of business primarily participating in the US and other international wholesale and reinsurance markets. For further information please visit www.huwplc.com

 

END