Helios Underwriting Plc Capacity Value Update (7021S)

TIDMHUW

RNS Number : 7021S

Helios Underwriting Plc

08 November 2023

8(th) November 2023

Helios Underwriting plc

("Helios" or the "Company")

Capacity Value Update

Helios, the investment vehicle which provides shareholders with a spread participation at Lloyd's , announces an update on the value of Company's capacity portfolio following the Capacity Auctions at Lloyd's.

Capacity Value

The value of the capacity fund as at 31 (st) December 2023 using the weighted average prices of capacity from the 2023 Lloyd's capacity auctions is expected to increase to GBP82.4m (31 December 2022: GBP60.0m).

 
                                                               Freehold          Value 
                                                               Capacity    of Capacity 
                                                                   GBPm           GBPm 
 Capacity Value at 31 Dec 
  2022                                                            147.3           60.0 
 Capacity acquired with LLV's in 2023                               7.4            3.5 
 Value of pre-emption capacity                                     14.7            7.0 
 Acquisition of capacity in the capacity 
  auction                                                           6.5            0.4 
 Increase in portfolio value                                          -           11.5 
 Capacity Value expected 
  at 31 Dec 2023                                                  175.9           82.4 
                                              -------------------------  ------------- 
 
 
 
 Anticipated Impact on 
  Net Asset Value                                                    GBPm 
 Value of pre-emption 
  capacity                                                            7.0 
 Increase in portfolio 
  value                                                              11.5 
                                                                     18.5 
 Deferred Tax provision 
  - 25%                                                             (4.6) 
 Net Increase in Tangible Net Assets                                 13.9 
                                                   ====================== 
 Number of shares in Issue                                           76.5 
 Increase in Net Asset Value per 
  share                                                             18.2p

A summary of the movements in capacity and its value a s follows :

Helios has acquire d 4 LLVs during 2023 with capacity of GBP8.2m, which was valued at 2022 capacity prices at GBP3.5m.

The syndicates supported by Helios offered free capacity of GBP14.7m (2022 - GBP21.7m) by way of pre-emptions to support the improved underwriting market. The value of the pre-emptions taken up have increased the value of the portfolio by GBP7.0m.

Helios acquired capacity in the 2023 Auctions on syndicates 2121 and 2689 to build positions on these syndicates.

The average price per GBP of capacity with value after the 2023 A uctions was 47p (2022 - 41p) reflecting the increase in auction prices.

This increase in the capacity portfolio value of GBP13.9m, net of a provision for deferred tax, will increase the Tangible Net Asset Value by 18.2p, an increase of 11.9% over the Tangible Net Asset Value of at 30 (th) June 2023 of 154p.

The pro-forma Tangible Net Asset Value per Share as at 30 (th) June 2023 of 154p adjusted for the increase in the value of the capacity fund of 18.2p is now 172p.

The Company expects to publish its updated Net Asset Value as at 30 September 2023 per share in early December 2023.

Martin Reith, Chief Executive Officer of Helios, commented:

"I am delighted that the value of the Freehold Capacity has increased to GBP82m , representing an increase in the Net Asset Value per share of 18.2p . This is an increase of 1 1.9 % over the reported NAV as at 30 (th) June 2023 , and demonstrates the strength of our portfolio and acquisition strategy ."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) NO 596/2014.

For further information, please contact:

Helios Underwriting plc

   Martin Reith - Chief Executive Officer                           +44 (0)20 3965 6441

Nigel Hanbury - Executive Deputy Chairman

Arthur Manners - Chief Financial Officer

Deutsche Numis (Nomad and Broker)

   Giles Rolls / Charles Farquhar                                     +44 (0)20 7260 1000

Buchanan (PR)

   Helen Tarbet / George Beale                                      +44 (0)7872 604 453

+44 (0)20 7466 5111

About Helios

Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW). Helios trades within the Lloyd's insurance market writing approximately GBP310.8m of capacity for the 2023 account. The portfolio provides a good spread of business being concentrated in property & casualty insurance and reinsurance. For further information please visit www.huwplc.com.

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November 08, 2023 02:00 ET (07:00 GMT)

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