Quarterly Syndicate Mid-Point Forecasts

RNS Number : 7947O

Helios Underwriting Plc

22 May 2018

 

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 2016 and 2017 years of account based on 1st quarter 2018 results.

			Year of Account
			2016	2017	2018
			£m	£m	£m
Capacity - Position as at 21th May 2018
	Retained		17.8	11.6	12.3
	Reinsured		20.0	25.4	28.7
			37.8	37.0	41.0
Mid-point forecast at 31st December 2017			3.48%	N/A
Current mid-point forecast			4.22%	(8.39)%
Lloyd's Market Average			(3.62)%	(7.99)%
Helios out / (under) performance			7.84%	(0.40)%

Notes

1)    The table shows the capacity as at 31^st December 2017, with no acquisitions subsequently, splitting the capacity retained by Helios and the capacity that is ceded to quota share reinsurers.

2)    The mid point forecasts for 2016 and 2017 years of account as of 1st quarter 2018 have been aggregated at syndicate level from estimates supplied by Managing Agents.

3)    The impact on Helios will be as follows:

a.    The change in the mid point estimates on the retained capacity over the year will be recognised in the Helios income statement in the year to 31^st December 2018.

b.    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.

4)    The 2017 year of account mid point loss is in line with expectations at this time of development of the underwriting year.

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/David Coaten                                                                     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 £41m of capacity for the 2018 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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