Helios Underwriting PLC on Friday offered an optimistic outlook for the year ahead, expressing hopes of attracting more third party capital to participate in next year’s portfolio.
Helios Underwriting is an investment vehicle, which provides shareholders with participation in the Lloyd’s insurance market. Shares in the firm were trading 1.8% higher at 173.00 pence each in London on Friday morning.
Reflecting on 2023, Interim Executive Chair Michael Wade said the year had seen an ‘outstanding’ performance for the Lloyd’s market, with a net combined ratio of 84%, investment returns of £5.3 billion, and profits of £10.7 billion.
It was also a ‘transformative’ year for Helios, Wade added, with a significant rise in profits and return of capital demonstrating ‘the success of the strategy to build the capacity portfolio as the prospects for underwriting profitability improved’.
In 2024, Helios Underwriting’s gross capacity portfolio increased to £507 million, with the retained proportion by Helios shareholders rising to £392 million. Allowing for mid-year participations, the overall number will rise to £512 million and £397 million respectively.
Looking forward, the firm remained confident that its spread Lloyd’s syndicate portfolio for this year should generate attractive returns, alongside the ‘exceptional pipeline profits’ already earned.
It also aims to attract more third party capital to participate in next year’s portfolio, thus reducing Helios’ retained proportion, but with the opportunity of generating a greater fee income.
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