Reinsurance News

Helios Underwriting raises £12.5m in funding

24th November 2022 - Author: Pete Carvill

Helios Underwriting has raised £12.5m in funding through a new share placement.

helios-underwriting-logoIn a statement, it said that it had successfully raised proceeds through a placing of, and a subscription for, an aggregate of over eight million shares at £1.56 per share. The firm said that it also plans to raise another £1.5m.

According to the firm, the placing, subscription, and open offer are all conditional, inter alia, upon the passing of certain Resolutions. Accordingly, the Circular is expected to be posted later today, notifying Shareholders of the General Meeting on 13 December 2022.

Helios Underwriting is a Lloyd’s market focused investment vehicle, that acquires limited liability vehicles and names positions in the market, to construct a diversified portfolio of exposure to Lloyd’s re/insurance businesses.

This latest round of fundraising follows a £60m capital raise in March 2021.

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Back then, the firm raised gross proceeds of approximately £53.5m through the placing and subscription of New Ordinary Shares at a price of £1.60 per share, with participation from ILS Capital Management and Hudson Structured Capital Management Limited.

More recently, Helios said it had increased its capacity portfolio to £233m for the 2022 underwriting year, with management confident about the prospects and future profitability of the firm ahead of further market hardening.

In late September, the firm reported a significant rise in gross written premiums on the back of growth within the capacity portfolio, as the underwriting result improved by 76% to an impressive £3.3m.

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