Helios is reporting a is reporting increases in its capacity portfolio and comprehensive income in 2021, according to its latest results.
The firm said that it had seen a 111% increase in capacity portfolio, rising from £110.3m in 2020 to £232.7m last year. At the same time it said total comprehensive income had increase from £4.3m to £4.9m.
More pertinently, it reported that its underwriting profits rose from £639m to £3,401m between 2020 and 2021, but this was offset by its total other income dropping from £2,887m to £2,700m in the same period.
Nigel Hanbury, chief executive of the firm, said: “We have successfully navigated a challenging period, with reinsurance mitigating the COVID-19 losses and managing the volatility of the portfolio. This demonstrates our success in building a high-quality portfolio of syndicate capacity. Our acquisition strategy has continued apace, with 28 LLV’s purchased, for a total consideration of £26.5m.”
He added: “Our capacity portfolio has increased 111%, from £110m to £233m, and retained capacity increases at the outset of the underwriting year from £59m to £172m, an increase of 193%. This decision to increase the retained capacity substantially for the second year reflects the confidence in the timing of the market cycle and that it is now the right time to assume more underwriting risk for shareholders.”
The news comes days after the firm reported an increase in its retained capacity in 2022 to £171.9m, up from £66.5m and £93.5m in 2020 and 2021.
According to a statement from the firm, its reinsured capacity also rose significantly in this time, increased from £49.1m in 2020, to £51.5m in 2021, and to £60.8m this year.
Hanbury said back then: “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 acquisition of the capacity of the better performing syndicates. Over recent years, our strategy has yielded superior results, with returns on average 5.1% better than the Lloyd’s market itself.
