Lloyd’s focused investment vehicle Helios Underwriting has announced its pro-forma Net Asset Value (NAV) per share as at September 30, 2023, has increased 17%, to £1.76.
Martin Reith, Helios’ Chief Executive Officer, commented: “Helios’ proposition as the investment vehicle with a curated Lloyd’s portfolio continues to go from strength to strength. The net combined ratio of the portfolio for the nine months was 88% contributing to the growth in net asset value.
“Market conditions at Lloyd’s remain strong, as reflected in the results of the recent capacity auctions where the pre-emptions on the freehold syndicates and the increase in auction prices have contributed a further 18p to the net asset value.”
Helios also revised its NAV per share as at December 31, 2022, which is at £1.51. According to the firm, this was restated to reflect the adjustment to the Net Assets having adopted UK GAAP from January 1, 2023.
The company, which acquires and consolidates private underwriting capacity at Lloyd’s saw a profit for the period to September 30, 2023, of £6.4 million, a figure that also played a role in the firm’s Net Asset Value per share update.
Back in August, the investment vehicle shared its mid-point forecasts for its portfolio of syndicate capacity for the 2021 and 2022 years of account, based on 2nd quarter 2023 estimates.
Helios recorded a capacity position of £310.8 million for the 2023 year of account as at August 30, 2023. This figure consisted of £244.5 million capacity retained by Helios and £66.3 million that was ceded to quota share reinsurers.
For the 2022 year of account, Helios reported a £245.2 million capacity position, consisting of £184.4 million retained and £60.8 million reinsured. And for the 2021 year of account, the firm reported a £157.2 million capacity position, consisting of £105.7 million retained and £51.5 million reinsured.
For the first half of 2023, Helios also saw improvement, with gross written premiums (GWP) increasing by 28% to £160 million, a figure that reflected the increase in the capacity portfolio.
The firm’s underwriting result in H1 of 2023 was £11.6 million, up a massive 252% from the £3.3 million reported in H1 of 2022.
Helios added that the increase of 33% in the underwriting exposure in the 2023 Year of Account to £244m of retained capacity will “contribute to the underwriting result in the future.” The firm’s combined ratio in H1 of 2023 was 88%.
