reports
Hybridan Small Cap Feast - 22 April 2024
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi...
- Pedro Fonseca
Helios Underwriting - Strong share price on supportive fundamentals
On 22 March, Helios Underwriting reported NAV for 31 December 2023 of 185p/share. This is broadly in line with our expectations and has not affected the forecasts in our update note published on 16 January. We maintain our valuation of 280p/share, which is at a 51% premium to the 31 December 2023 NAV. Since our last publication, Helios’s share price has risen by 22% (up 33% in the last month). This strong performance is well supported by the underlying fundamentals and outlook (as highlighted in...
Hybridan Small Cap Feast - 04 Mar 24
4th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Pedro Fonseca
Helios Underwriting - Huge capacity increase follows capital restruct...
Helios Underwriting reported FY24 expected underwriting capacity of £501.8m on 15 December 2023, a huge 69% increase over the past year. Capacity growth of £28m reported at H123 is followed by a further expected £177m of tenancy capacity, some only becoming active during H124. The large addition was made possible by a significant capital restructure where Helios raised US$75m in seven-year unsecured debt at a coupon of 9.5%. The syndicate underwriting operating result outlook has meaningfully im...
Hybridan Small Cap Feast - 11 Dec 23
11th December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- Pedro Fonseca
Helios Underwriting - Interim results deliver long-awaited upswing
Helios Underwriting reported H123 EPS of 5.7p, a meaningful turnaround from a 4.4p loss in H122 and a 4.9p loss in FY22. It benefited from a much-improved combined ratio of 88% (H122: 95%) and a turnaround in syndicate investment income, supported by 28% growth in gross written premiums (GWP). It recorded a 4.8% increase in underwriting capacity, to £310.8m, thanks to acquisitions and new investment. Group investment income lagged in H123 but is forecast to deliver strongly in H223 and into FY24...
Hybridan Small Cap Feast - 14 Jul 23
14th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Pedro Fonseca
Helios Underwriting - Active Lloyd’s risk management and promotion
Helios Underwriting delivered a strong capacity increase in FY22 as well as improved portfolio diversification, enhanced by selective risk taking in existing Lloyd’s of London (Lloyd’s) syndicates and as a promoter of new initiatives. Its new CEO’s strategy aims to enhance risk selection and management, capital management and growth initiatives (organically and as a promoter and acquirer). The strategy includes increased investment in future growth through reinsurance, financing and capacity bui...
Helios Underwriting: 2 directors
Two Directors at Helios Underwriting sold/bought/maiden bought 316,470 shares at 170p. The significance rating of the trade was 82/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the l...
- Pedro Fonseca
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 com...
- Pedro Fonseca
Helios Underwriting - Increasing asset base to attract higher yields
Helios Underwriting’s financial assets grew 21% from FY21 and could reach £235m by year-end, benefiting from the 111% increase in Lloyd’s of London (Lloyd’s) underwriting capacity (capacity) in FY21. Rising gilt yields drove short-term losses on fixed interest assets and an H122 EPS loss of 5.4p, but we forecast much higher investment returns. Ukraine claims provisions muted the results, but normalised recovery continued. The hard Lloyd’s premium rate environment bodes well for strong underwriti...
- Pedro Fonseca
Helios Underwriting - Lloyd’s upswing set to continue strongly
Global insurance rate increases of over 50% since 2017 and a more than 30% increase in Lloyd’s of London (Lloyd’s) premiums have set the stage for a sustained improvement in underwriting results. The negative impact of higher interest rates on fixed interest portfolios is likely to be temporary and should be followed by higher returns on insurance assets and regulatory capital. Lloyd’s Ukraine exposure appears largely limited to aviation, has not led to solvency concerns for the market and shoul...
Helios Underwriting (HUW): Initiation - Increased Lloyd's participatio...
Edison Investment Research Limited Helios Underwriting (HUW): Initiation - Increased Lloyd's participation at the right time 25-Feb-2022 / 07:37 GMT/BST London, UK, 25 February 2022 Helios Underwriting (HUW): Initiation - Increased Lloyd's participation at the right time Helios Underwriting is a successful aggregator of Lloyd's of London (Lloyd's) syndicate capacity, delivering a sixfold increase since FY16. This larger portfolio, alongside a hardening underwriting cycle, should fuel strong earnings growth. Helios's ability to acquire further limited liability vehicles (LLVs...
- Pedro Fonseca
Helios Underwriting - Increased Lloyd’s participation at the right ti...
Helios Underwriting is a successful aggregator of Lloyd’s of London (Lloyd’s) syndicate capacity, delivering a sixfold increase since FY16. This larger portfolio, alongside a hardening underwriting cycle, should fuel strong earnings growth. Helios’s ability to acquire further limited liability vehicles (LLVs), offering ageing Lloyd’s Members (Names) an elegant, tax-efficient exit plan, is limited by capital constraints. This will slow capacity growth until FY24 when the hard premium cycle should...
Hardman & Co Investor Forum research: Helios Underwriting (HUW): Timin...
Hardman & Co Research Hardman & Co Investor Forum research: Helios Underwriting (HUW): Timing its growth with the insurance cycle 18-May-2021 / 14:30 GMT/BST May 2021 Hardman & Co Investor Forum company research: Helios Underwriting (HUW) On 12 May we were delighted to host our fourth virtual Investor Forum. At the live event, Helios took time to answer questions on their valuation methods, growth plans, outlook on premium rate cycles, and the current dynamic given the amount of capital flowing into the market - and how this affects their investment with the LLVs. We would lik...
Hardman & Co Research : Hardman & Co Video Event | Helios Underwriting...
Hardman & Co Research Hardman & Co Research : Hardman & Co Video Event | Helios Underwriting Plc - Investor Forum 27-Apr-2021 / 12:57 GMT/BST Hardman & Co Video Event | Helios Underwriting Plc Investor Forum We are delighted to announce that Helios Underwriting Plc will be presenting at our next Investor Forum on Wednesday 12 May at 3:00pm. The Investor Forum connects investors with companies looking for capital. Each company will present for 10-15 minutes, followed by an opportunity for Q&A. The Forum is being hosted by Hardman & Co and investors can register to attend via th...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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