Helios Underwriting

Overview
Price performance
Financials
Research
Thematics

Helios Underwriting was established in 2007 primarily to provide investors with a limited liability direct investment into the Lloyd’s insurance market. It is an AIM-quoted holding company, providing underwriting exposure across a diversified portfolio of selected Lloyd’s syndicates.

Lloyd’s released record results with FY23 earnings of £10.7bn (equal to the sum of the preceding decade), on the back of historically high premium increases. Near-term combined ratios may recede from the 17-year FY23 low in a benign large claims (natural catastrophe) environment but should remain attractive, with higher interest rates continuing to boost investment income.

Latest Insights

Financials |
Flash note

30.05.24

Helios Underwriting — Healthy FY23 beat supports strong outlook

Financials |
Update

04.04.24

Helios Underwriting — Strong share price on supportive fundamentals

Financials |
Update

16.01.24

Helios Underwriting — Huge capacity increase follows capital restructure

Financials |
Update

10.10.23

Helios Underwriting — Interim results deliver long-awaited upswing

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Sector

Financials

Equity Analyst

Marius Strydom

Analyst

Key Management

Arthur Manners

FD
Michael Wade

Chairman

Balance Sheet

Forecast net debt (£m)

17.9

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	1.5	(6.9)	(2.9)
Relative	2.8	(10.2)	(12.3)
52 week high/low	186.0p/115.0p

Financials

Helios Underwriting is a successful aggregator of Lloyd’s of London (Lloyd’s) syndicate capacity, recently surpassing £500m after a successful capital restructure. Strong earnings growth outlook is driven by huge capacity increases into a hard underwriting cycle. The strategy of managing a portfolio of capacity at Lloyd’s will continue, reflecting the development of the underwriting cycle, leading to portfolio value extraction and enhancing shareholder yields via dividends and share buybacks. Share price pressure from overhangs may continue to create an opportunity for Helios and shareholders to add to or build positions at attractive levels.