Syndicate Forecasts

RNS Number : 2994D

Helios Underwriting Plc

27 March 2014

 



27 March 2014

Helios Underwriting plc

("HUW" or the "Company")

Aggregated Syndicate Forecasts

The Board of HUW is pleased to announce the following aggregated 2011 underwriting year of account (YOA) result and updated 2012 YOA open year forecast of syndicate profits, both at 31 December 2013, for its portfolio of syndicate participations:

2011 closed year of account result and 2012 open year of account forecast

YOA	HUW syndicate capacity (£m)	Previous forecast of syndicate profit			Current forecast of syndicate profit*
		Mid point (£)	Mid point (%)	Range ( %)	Mid point (£)	Mid point (%)	Range (%)
2011	17,578,186	1,101,758	6.27	3.23 - 9.31	1,318,459	7.50	N/A
2012	17,999,819	1,247,314	6.93	3.4 - 10.50	1,337,882	7.43	3.93 - 11.00

*For 2011 this is the YOA result

Closed years of account - final results

YOA	HUW syndicate capacity (£)	Final result (£)	Final result (%)
2008	8,732,293	758,203	8.68%
2009	8,325,442	1,528,252	18.36%
2010	15,735,675	400,295	2.54%

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 amounts due to/from XL Re Ltd under reinsurance arrangements with that company 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.

The first detailed estimates for YOA 2013 will be received in May 2014. HUW will provide updates on a quarterly basis which in future will include syndicate estimates for open years only. Further detail, 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, on which YOA information is based, is presented below and will also be made available on the Company's website.

	2011		2012		2013		2014
Syndicate	(£'000)	(%)*	(£'000)	(%)	(£'000)	(%)	(£'000)	(%)
33	1,345	7.7	1,406	7.8	1,406	7.8	1,522	7.8
218	1,045	5.9	754	4.2	828	4.6	828	4.3
260	84	0.5	-	-	-	-	-	-
386	511	2.9	542	3.0	541	3.0	541	2.8
510	2,685	15.3	2,711	15.1	2,692	15.0	2,642	13.6
557	741	4.2	939	5.2	471	2.6	471	2.4
570	518	3.0	-	-	-	-	-	-
609	1,382	7.9	2,013	11.2	1,968	11.0	1,973	10.1
623	1,825	10.4	1,834	10.2	2,018	11.2	2,179	11.2
727	473	2.7	398	2.2	400	2.2	400	2.1
779	31	0.2	20	0.1	20	0.1	-	-
807	186	1.1	-	-	-	-	-	-
958	1,081	6.2	799	4.4	626	3.5	498	2.6
1176	208	1.2	291	1.6	338	1.9	339	1.7
1200	443	2.5	242	1.3	64	0.4	64	0.3
1729	-	-	-	-	-	-	28	0.2
2010	581	3.3	549	3.1	551	3.1	551	2.8
2121	404	2.3	157	0.9	12	0.1	-	-
2525	57	0.3	129	0.7	111	0.6	111	0.6
2526	23	0.1	52	0.3	57	0.3	-	-
2791	2,987	17.0	2,784	15.5	2,837	15.8	2,498	12.8
3334	30	0.2	-	-	-	-	-	-
4242	102	0.6	84	0.5	84	0.5	84	0.4
5820	-	-	-	-	78	0.4	30	0.2
6103	163	0.9	333	1.9	392	2.2	382	2.0
6104	175	1.0	345	1.9	396	2.2	773	4.0
6105	108	0.6	108	0.6	60	0.3	304	1.6
6106	288	1.6	308	1.7	271	1.5	-	-
6107	105	0.6	135	0.8	10	0.1	350	1.8
6110	-	-	373	2.1	845	4.7	880	4.5
6111	-	-	695	3.9	844	4.7	1,067	5.5
6113	-	-	-	-	30	0.2	20	0.1
6117	-	-	-	-	-	-	926	4.8
Totals	17,578	100.0	18,000	100.0	17,948	100.0	19,459	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 Helios Underwriting

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 £19.5 million of capacity for the 2014 account. The portfolio provides a good spread of classes of business being concentrated in property insurance, reinsurance and motor business. For further information please visit www.huwplc.com.

 

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