Helios walks into 2022 with 60% higher capacity for hard market opportunities

Helios Underwriting, a market-listed consolidator of Lloyd's capacity, walks into 2022 with a 60% increase in total capacity over 2021 levels to £232.7 million.

The sum includes an 84% increase in retained capacity to £171.9 million and an 18% increase in reinsured capacity to £61 million.

“We have increased the retained capacity to £172m in recognition of market discipline and a harder market,” CEO Nigel Hanbury wrote in a comment.

“We remain confident that we shall deliver improved results when compared to the market as a whole.”

That earnings outperformance now comes to 6.1% vis-a-vis the marketplace on a five-year average following the 5.76% outperformance in the latest update to the 2019 underwriting year tally, the firm indicated in its market filing.

“The 2019 result showed a good improvement over the midpoint forecasts as at 30th September 2021 reflecting the investment returns achieved and the confidence in the old year reserves of the supported syndicates,” management said.

Outperformance comes against an improving benchmark. Lloyd's just reported its strongest annual financial result in years, including a 2021 pre-tax profit of £2.3 billion and a massive drop in the combined ratio to 93.5%.

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