Lloyd’s focused investment vehicle Helios Underwriting has reported its unaudited pro-forma Net Asset Value (NAV) per share has increased to £1.85 – £137.2 million in Net Assets – in the quarter to December 31, 2023.
Martin Reith, Chief Executive at Helios, commented: “The significant profits recognised in 2023 from the profitable underwriting, investment income and accretion in freehold capacity value has driven an increase of 22% in our NAV in 2023.
“The market conditions at Lloyd’s remain strong, as reported across the market during the last month. Helios’ pipeline profitability from the portfolio looks promising and underpins our confidence in the future performance of the business.”
Helios also revised its NAV per share as at December 31, 2022, which is at £1.51 – £115.7 million in Net Assets -. 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 December 31, 2023, of £13.13 million, a figure that also played a role in the firm’s Net Asset Value per share update.
The investment vehicle has also recently announced it upped its capacity for 2024 to £501 million, which represents a 61% increase from 2023 where total capacity stood at £310 million.
According to the firm, the growth has been achieved through a combination of exercising pre-emption rights across the freehold portfolio, building a tenancy portfolio as well as new syndicate opportunities, some of which are set to commence in H1 2024.
