Quarterly Syndicate Mid Point Forecasts

RNS Number : 8990F

Helios Underwriting Plc

23 May 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 1^st quarter 2017 results.

	Year of Account
	2015	2016	2017
	£m	£m	£m
Capacity  - Position as at 1st Jan 2017	32.2	33.7	32.6
Retained	16.1	10.8	9.8
Reinsured	16.2	22.9	22.8
Capacity acquired since 1st Jan 2017
Retained	1.8	1.9	0.7
Reinsured	0.4	0.4	1.7
Capacity - Position as at 22nd May 2017
Retained	17.8	12.7	10.5
Reinsured	16.6	23.2	24.5
	34.4	35.9	35.0
Mid point forecast at 1st Jan 2017	8.16%	-
Current mid point forecast	9.82%	3.48%	N/A
Lloyds Market Average	4.22%	0.42%
Helios outperformance	5.60%	3.06%

Notes

1)    The table shows the movement in capacity as result of acquisitions made since 1^st 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 1^st 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

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 £35m 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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