Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has announced the current mid-point forecasts for its portfolio of syndicate capacity for the 2017 and 2018 years of account, based on 3rd quarter 2019 estimates.
The company, which acquires and consolidates private underwriting capacity at Lloyd’s, recorded a capacity position of £55.7 million for the 2019 year of account as at November 15, 2019.
This figure consisted of £16.7 million capacity retained by Helios and £39.0 million that is ceded to quota share reinsurers.
For the 2018 year of account, Helios reported a £59.0 million capacity position, consisting of £20.7 million retained and £38.3 million reinsured.
In this year the current mid-point forecast is -3.39%, compared with the -3.56% mid-point forecast at June 30, 2019. The Helios out performance for 2018 was 2.05%, versus a Lloyd’s market average of -5.44%.
And for the 2017 year of account, Helios’ capacity position was £56.1 million, made up of £30.7 million retained and £25.4 million reinsured.
The current mid-point forecast for 2017 is -6.51%, compared with the -7.40% mid-point forecast at June 30, 2019. The Helios out performance for 2017 was 2.50%, versus a Lloyd’s market average of -9.01%.
“As the only quoted 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 capacity on the better quality syndicates,” commented Helios Chief Executive, Nigel Hanbury.
“We are delighted with the improvement in the results for both underwriting years and in the increased outperformance of the portfolio against the Lloyds’ market,” he added.
Helios explained that the change in the midpoint estimates on the retained capacity over the year will be recognised in its income statement for 2019.
