Helios, the investment vehicle that acquires and consolidates underwriting capacity at Lloyds’, has announced a 39% increase in its retained capacity for 2023.
The company’s overall portfolio, including its capacity reinsured, increased to £296.6 million, adding more than 27% to the size of the portfolio since the 1st January 2022.
This includes an increase in retained capacity from $171.1 million as at 1st January 2022 to $238.3 at the start of this year, although reinsured capacity dipped by some 5% to $58.3 million over the same period.
Helios says that its prospects for underwriting profitability and higher investment returns have improved considerably and the Board believes this substantial increase in the retained capacity will benefit the Company’s shareholders for 2023 onwards.
“I am delighted that the retained capacity underwritten by Helios shareholders will have significantly increased for another successive underwriting year to £238m,” said Nigel Hanbury, Chief Executive of Helios.
“Market discipline remains strong and we are confident that 2023 will offer superior returns. The January renewals supports this with significant pricing improvement and market dislocation in the reinsurance and retro markets respectively,” he continued.
“Rating indices across most lines are at or above our underwriting requirements and the Board is confident the Company is well positioned to maximise market opportunities.”