Helios Underwriting Plc Capacity Value Update (7021S)
08 Novembro 2023 - 4:00AM
UK Regulatory
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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END
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November 08, 2023 02:00 ET (07:00 GMT)
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