Helios Underwriting has confirmed that the retained underwriting capacity for the 2022 year of account will be £171 million, which is a 191% increase in the capacity underwritten at the start of this year.
The firm reports that the overall portfolio, including the capacity reinsured, has increased to £233 million, more than doubling the size of the portfolio.
“I am delighted that the retained capacity underwritten by Helios shareholders will have trebled to £171m for the 2022 underwriting year,” said Nigel Hanbury, Chief Executive Officer (CEO) of Helios. “This provides us with a strong platform from which to make further value-enhancing acquisitions.”
The prospects for underwriting profitability have improved considerably and the Helios Board feels that this substantial increase in the retained capacity will benefit its shareholders.
As well as acquiring capacity at auctions this year, Helios has supported new and established syndicates that offer capacity for a limited period only, referred to as Tenancy Capital, and the firm expects to support these syndicates in the longer term.
So far in 2021, Helios has completed he acquisition of 26 LLVs and expects to close a further two prior to the end of December. Overall, these 28 deals will have added £35 million of capacity to the 2021 year of account and increased the retained capacity for all three open years of account.
“The increased retained capacity on the 2019 to 2021 years of account, substantially “off-risk” for the underwriting years, will contribute to the recognised profits in the future,” says Helios.
