Helios Underwriting - Capacity increase supports strong growth
Helios Underwriting reported a 27% increase in Lloyd’s of London (Lloyd’s) underwriting capacity for the start of 2023 to £296.6m, with historically high pre-emptions offered by its syndicates and additional tenancy capacity purchased in the Lloyd’s auctions as the main drivers. Retained capacity grew by 39% to £238.3m on the back of a lower level of reinsurance. Capacity growth was supported by a successful capital raise of £12.5m gross in November 2022. The company also announced the acquisition of three limited liability vehicles (LLVs) in December 2022, which resulted in a modest £5.7m addition to capacity. The strong increase in capacity has prompted us to lift our underwriting premium forecast, with a resultant increase in our earnings forecast for FY24. We increase our valuation by 5% to 252p/share.Helios Underwriting is engaged in providing a limited liability investment for its shareholders in the Lloyd's insurance market. Co. participates in the Lloyd's insurance market through its participation in a portfolio of Lloyd's syndicates. Co. has three segments that represent the primary way in which Co. is managed, as follows: syndicate participation; investment management; and other corporate activities.
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