Lloyd’s of London investment and underwriting vehicle Helios’ current mid-point sydicate forecast for its 2019 year of account stands at negative 2.6%, a drop from the negative 1.6% predicted earlier this year.
The company notes that while last year’s estimates have deteriorated following losses arising from the COVID-19 pandemic, it remains above the Lloyd’s market average of negative 4.1%.
The company’s mid-point forecast for its 2018 year of account stood at negative 3.1% as at the end of June, 2020, beating the Lloyd’s market average of negative 5.5%.
This has now improved to negative 2.1%, based on Q3 2020 estimates.
Retained capital so far in 2020 stands at $21.1 million, down from $23.1 million in 2019.
The Helios outperformance is measured using the result on the capacity at the end of the year, this includes the capacity of the portfolios acquired which include participations on underperforming syndicates that will subsequently be discarded.
Nigel Hanbury, Helios’ Chief Executive, commented: “As the only listed consolidator of private capital at Lloyd’s, Helios offers a unique opportunity for growth and returns from exposure to the Lloyd’s market through targeted acquisitions of the better quality syndicates.
“Our strategy is bringing results, with returns on average 5.7% better than the Lloyd’s market itself over the last seven years of account.
“Looking ahead, we see attractive near-term opportunities to continue to build our core portfolio of capacity, to increase the capacity retained by Helios and achieve out performance against the Lloyd’s market as whole. We look forward to the future with confidence.”
Any changes in the midpoint estimates on the retained capacity over the year will be recognised in the Helios income statement in the year to 31 December 2020.