This announcement contains
inside information for the purposes of Article 7 of Regulation (EU)
No 596/2014 which forms part of UK law by virtue of the European
Union (Withdrawal) Act 2018 ("MAR").
Helios Underwriting
plc
("Helios",
"the Group" or "the Company")
Directorate
Change
07 June 2024
Helios, the only publicly traded
investment company offering instant access to a diverse portfolio
at Lloyd's of London, the world's largest insurance market, today
announces that Martin Reith has stepped down from his role as Chief
Executive Officer, to pursue other opportunities.
Michael Wade, currently Non-Executive
Chairman, will become Executive Chairman with immediate effect as
the search for Martin's successor begins. Nigel Hanbury, currently
Executive Deputy Chairman, will become Non-Executive Deputy
Chairman.
Helios recently reported a
significant rise in profits and distributions in its full year 2024
results. The Company reported doubling of the capacity over the
last two years of its Lloyd's syndicate portfolio to £507m for
2024, underlining its strategy and commitment as a manager of its
spread on the 2024 year of account, where the Company has a
retained proportion of 77%.The Company reiterated its intention to
continue to act for third-party capital providers and anticipates
this will grow as a proportion into 2025.
Following recent press speculation,
the Board can confirm that it has explored the potential of
establishing a new 'follow only' syndicate at Lloyd's, but it has
decided not to pursue this concept in order to focus exclusively on
supporting its spread portfolio.
Michael Wade, Executive Chairman of
Helios, commented:
"Martin has made a significant
contribution to Helios and has been instrumental in developing the
Helios spread syndicate portfolio, accelerating the performance of
the Company and growing our in-house management team. We wish him
the very best for the future."
For further information, please
contact:
Helios Underwriting plc
Michael Wade - Executive
Chairman
Michael.Wade@huwplc.com
Arthur Manners - Chief
Financial Officer
+44 (0)203 965 6441
Deutsche Numis (Nomad and
Broker)
Giles Rolls / Charles
Farquhar
+44 (0)20 7260 1000
FTI
Consulting
Ed Berry / Tom O'Brien
+44 (0)7703 330 199 / +44 (0)7929 021
492
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
£507m of capacity for the 2024 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.