29 September 2014

Helios posts strong H1 profits

Helios Underwriting, which provides investors with a limited liability direct investment into the Lloyd's insurance market, has posted a strong set of results for the first half of 2014.

Its gross written premiums increased to £10.2 million for the first half of 2014, compared with £7.2 million in the first half of 2013. The underwriter’s net written premium increased to £8.2 million, compared with £5.5 million in the first half of 2013.

However, its profit before tax fell to £0.16 million, compared with £0.46 million in the same period of the prior year.

Michael Oliver, non-executive chairman of Helios, said: “This has been another good period where we have utilised the capital released by the initial quota share and as a result have been able to continue to increase our underwriting capacity to £21.3 million at the period end through the acquisition of Nomina No 380 LLP on 16 January 2014 for £557,000, Bernul Limited on 27 March 2014 for £823,000 and Nomina No 372 LLP on 2 May 2014 for £480,000.

“The open years of HUW owned vehicles have improved to a degree that had been anticipated at the time of purchase. We have also seen an increase in the number of vehicles that are available for sale, which may lead to lower prices in due course and supports our ongoing strategy to increase underwriting capacity through acquisition.

“Market conditions over the period continue to worsen. We have now opted for an increase to the quota share for the 2014 underwriting year of account from 50 percent to 70 percent as a result. We have included two further reinsurers thereby increasing our diversity.”

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