Helios Underwriting, a provider of limited liability direct investment into the specialist Lloyd’s insurance and reinsurance marketplace, expects 2026 managed capacity for its Lloyd’s syndicate portfolio of £467 million for the 2026 Year of Account (YOA), an almost 5% decrease on 2025’s £491 million.
Although overall capacity is expected to be down year-on-year, Helios notes that the proportion of freehold capacity for the 2026 YOA has increased by 35% to £218 million, compared with £161 million for 2025 YOA.
The revised capacity figure, explains the firm, reflects further improvements to the quality and resilience of the syndicate portfolio, and includes trading at the 2025 auctions and Limited Liability Vehicles (LLV) acquisitions.
Helios recently finalised the purchase of two LLVs for a total consideration of £4.85 million in cash, roughly 5% below the Humphrey Valuation of £5.09 million. This acquired capacity has been included in the firm’s portfolio for 2026, confirms Helios.
“The 2026 portfolio remains well-diversified underpinned by disciplined allocation across syndicates, geographies and classes of business. With 75% of capacity allocated to established syndicates, the portfolio is structured to deliver a sustainable pipeline of profits whilst effectively managing volatility,” says the firm.
The following 10 Lloyd’s syndicates represent 59% of the total portfolio for 2026: Arch 1955; Atrium 609; Beazley 623; Beazley 5623; Blenheim 5886; Convex 1984; Fidelis 3123; Hiscox 33; IQUW 218; and Nephila 2358.
Helios also reports that the NAV per share as at September 30th, 2025, has risen by 3.8% to £2.48 in the third quarter, driven by pipeline profits and results of the recent Lloyd’s capacity auctions. Profit expectations for the 2023, 2024 and 2025 YOA remain strong, says the firm.
Further, as Helios looks to cut gearing and costs, the proportion of the portfolio ceded via reinsurance and Members’ Agency Pooling Arrangements has increased for the 2026 YOA.
“Today’s announcement of our 2026 portfolio capacity of £467m underscores Helios’ position as a leading portfolio manager within the Lloyd’s market. While market conditions are starting to soften following a period of exceptionally strong pricing, rates remain attractive overall,” said Louis Tucker, Chief Executive Officer, Helios.
“Through our data driven, quantitative and qualitative approach to portfolio optimisation we continue to enhance portfolio quality and refine the class of business mix to suit market conditions.
“The portfolio continues to prioritise established syndicates with proven track records to deliver sustainable, cross-cycle performance.
“The Board remains focused on maximising long-term shareholder value and continues to take steps to reduce gearing and costs. The Board is also committed to reviewing Helios’ dividend policy as profit distributions develop,” she added.
