Helios profit surges; appoints CFO
Helios Underwriting has posted a strong set of results for 2013. Its profits increased by 88 percent on the back of a number of acquisitions.
The company posted a 31 percent increase in its gross premiums written to £11.9 million in 2013 compared. Its profits rose to £1.28 million in 2013 compared with £0.68 million in 2012. Its net premiums written increased by 32.9 percent to reach £9.7 million in 2013.
Profits after tax fell slightly by 4 percent to £0.73 million at the end of last year from £0.76 million in 2012.
Helios also reported that Paul Lumbis has been appointed as group chief financial officer. He joined the team on a consultancy basis in July 2013.
Michael Oliver, chairman of Helios, said: "The operating profit before tax for the year of £1,280,000 shows a significant improvement on 2012 and on this key measure 2013 is our best year to date. During 2013 we acquired four LLVs at what we believe to be attractive prices. Already in 2014 we have made three more acquisitions and have identified significant scope for further growth. The Board is pleased to recommend a maiden final dividend for 2013 of 1.5p per share together with a special dividend of 3p per share."
Nigel Hanbury, chief executive of Helios, said: "Our strategic objective is to underwrite at Lloyd's with superior capital efficiency, lower risk and higher return. We continue to see a strengthening flow of vehicles for sale at attractive prices. The combined ratio of HUW's portfolio for 2013 was a creditable 83.5 percent on this key measure, our best result to date.
“In summary, 2013 has been a transformational year for HUW. Over the past 12 months, we have redefined our strategy, refined our portfolio of existing syndicates, launched a 50 percent quota share with XL Re, made further acquisitions, implemented a new investment policy and strengthened the management and advisory teams. We look forward to the future with great enthusiasm."
