10th Aug 2020 14:17
Helios Underwriting PLC - London-headquartered investment vehicle which acquires and consolidates underwriting capacity at Lloyd's - Investigating options for financing additional capital to fund an increase in its capacity. Notes more LLV acquisitions available thanks to higher costs and requirements to fund losses on the Lloyds market and plans to take advantage of these. Expects some supported syndicates to offer pre-emption capacity that Helios could take up for nil value. Preliminary indications show that Helios's portfolio could achieve an overall increase in capacity from pre-emptions of GBP5 million to GBP7 million. The firm presently cedes 70% of its portfolio to reinsurers, equating to around GBP49 million. With improved market conditions, it is considering keeping a larger proportion of any additional capacity underwritten so that the average capacity reinsured would remain at around GBP50 million going forward, significantly increasing retained exposure for Helios shareholders.
Current stock price: 99.00 pence
Year-to-date change: down 27%
By Anna Farley; [email protected]
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