1st October 2023
Helios Underwriting, an investment vehicle which provides shareholders with participation in the Lloyd's insurance market through an actively managed spread portfolio of syndicate capacity, has announced its unaudited results for the six months ended 30rdthune 2023.
-Gross written premiums increased by 28% to £160m reflecting the increase in the capacity portfolio
-Further rate increase achieved by the Lloyd's Market of 9.1%(HY 2022 7.7%) over the six month period continuing the excellent market conditions at Lloyd's
-252% improvement in the underwriting result to £11.6m with an 88 combined ratio
-The increase of 33% in the underwriting exposure in 2023 Year of Account to £244m of retained capacity will contribute to the underwriting result in the future
-Investment returns of £3.1m(HY 2022-losses £3.5m) have been booked benefiting from the increased interest rates
-Operating profit is £6m(30 June 2022-a loss of £3.4m)
-The net tangible asset value per share is £1.54 per share (FY 2022 - £1.52 per share)
Martin Reith, chief executive, comments "The continued improvement in market conditions presents exciting opportunities for Helios. The portfolio is positioned to benefit from pricing and market discipline and underwriting profits are now being recognised from five years of improved underwriting margins. We are confident that given market discipline, we should continue to see favourable returns across our portfolio. The resilience of these conditions seem to be more sustainable and we fully expect our portfolio to thrive.
"The results are a little skewed as a consequence of the recent rapid 33% growth in our retained capacity in 2023 and a cautious approach to reserving adopted within our portfolio. With the passage of time and as the better loss ratio premium earns through, we are confident that our portfolio will demonstrate outperformance against a prudent reserving strategy. The impact of the increased yields on the Group investments will make a contribution in the future."
Helios Trends(9 articles)