Helios Underwriting PLC on Wednesday said it expects its portfolio capacity for 2025 to be below its 2024 capacity, as it also intends to ‘materially’ reduce its cost base.

The investment company offering exposure to Lloyd’s of London insurance markets said it has arranged a syndicate portfolio with an overall capacity of £484 million for 2025, down 5.6% from £512 million in 2024.

The group’s retained capacity is estimated at around £327 million.

Interim Executive Chair Michael Wade said: ‘Today’s announcement of our estimated 2025 portfolio capacity of £484 million underlines our status as a leading, active Lloyd’s syndicate portfolio manager. While pricing adequacy within the Lloyd’s market remains generally strong we have worked hard to fine tune the portfolio’s class of business mix, with lower exposure to new syndicates.

‘By collaborating with top-performing syndicates and maintaining a proactive approach, Helios is well positioned to deliver strong results and sustained value in 2025. We head into 2025 confident of our high quality, diversified portfolio and its attractive profit pipeline.

‘The expected profitability for the 2022, 2023 and 2024 open years of account remains encouraging with welcome profit distributions ahead for Helios; the board will review its dividend policy as Lloyd’s syndicate profits become available.

‘As previously announced, Helios has successfully taken steps to reduce its gearing to capital and underwriting risk in 2025. Additionally, the overall cost base for 2025 is projected to reduce materially.’

Helios’ net asset value at September 30 was 206 pence per share.

Shares in Helios Underwriting were up 4.5% at 240.40 pence each in London on Wednesday morning.

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