TIDMHUW
RNS Number : 9082W
Helios Underwriting Plc
15 December 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Helios Underwriting PLC
( " Helios" or the "Company")
Helios grows 2024 Lloyd' s portfolio to exceed GBP 500m
capacity
-- 2024 capacity portfolio increases to GBP501 million
-- Helios retained capacity increases by 58% to GBP387 million
-- "Rental Capacity" initiative with Argenta Private Capital
likely to support GBP55million of capacity
-- Issue of up to US$100 million A- rated Senior Unsecured Notes
Helios Underwriting, the investment vehicle that provides
investors access to a spread vehicle portfolio at Lloyd's of
London, has delivered significant growth into 2024 building on its
diversified and curated portfolio of syndicates. Capacity for 2024
will grow to more than GBP500m thanks to the strategic decision to
position the portfolio to maximise opportunities.
Helios - 2024 Year of Account Capacity
GBPm Retained Third Party Total
Expected Capacity for 2024
Year of Account 386.9 114.9 501.8
2023 Year of Account Capacity 244.5 66.3 310.8
% Increase 58% 73% 61%
Capacity for the 2024 Year of Account is expected to grow by
61%. This growth has been achieved through a combination of
exercising pre-emption rights across the freehold portfolio, by
building the tenancy portfolio and with new syndicate
opportunities, some of which will commence in H1 2024. This growth
has enabled the Company to increase the retained position by 58% to
GBP387m which will drive Helios' earnings in the future.
This growth has also allowed Helios to accommodate the strategic
shift to a hybrid fee earning model by increasing the capacity
allocated to Third Party capital providers. The company has pursued
its ambition by launching a ground-breaking sidecar initiative to "
rent" up to GBP55m of capacity to private capital in conjunction
with Argenta Private Capital Limited.
Helios is also pleased to announce that it has secured an A - /
stable rating from Kroll Bond Rating Agency LLC, (KBRA) for up to
US$100m seven-year unsecured debt at a fixed coupon of 9.5%. An
initial tranche of US75m of the debt has been raised. The Company
believes that this facility will assist in the funding of the
growth in the retained capacity and will facilitate growth in the
future. Acrisure Re Corporate Advisory and Solutions (" ARCAS")
were the structuring and placement agent on the transaction.
The Company recently published its pro-forma NAV per share,
which as at Sept 30 2023 has increased 17% to GBP1.76, driven by
strong performance and results of the recent capacity auctions.
Martin Reith, CEO, commented:
" I am delighted to report that we have substantially grown our
portfolio into 2024 and further positioned Helios to benefit from
market discipline and the attractive pricing environment. We have
built the portfolio to deliver superior returns across a
diversified and volatility managed portfolio. As a consequence we
expect to have in excess of GBP 500m capacity deployed for the ' 24
YoA.
"We have also started to shift the quality of our earnings away
from pure underwriting returns and into a hybrid model where we
have repeatable fee income generated by allowing access to our
portfolio. Our " rental capacity" initiative with private capital
is ground-breaking and allows investors a fast and efficient way to
participate at the heart of some of the best syndicates trading at
Lloyd' s and removes the requirement to buy and own freehold
capacity to access a Lloyd' s portfolio.
"While deploying our own funds to the maximum, we have also
added to the capital stack that supports the portfolio with
proportional and non-proportional reinsurer support, sidecar
capacity and rated debt. We are well positioned to secure further
growth if we can originate other opportunities.
"I am thrilled that we have been able to significantly build the
portfolio and to reinforce our value proposition as a key part of
private capital at Lloyd' s".
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (ED No.596 /2014) (and
all delegated regulations, implementation directives, technical
standards and guidance issued by European Securities and Markets
Authority from time to time, as implemented in the UK by the
European Union (Withdrawal) Act 2018 (as amended by the European
Union (Withdrawal) Act 2020)) ("UK MAR"), encompassing information
relating to the issue of unsecured debt as described above, and is
disclosed in accordance with the Company's obligations under
Article 17 of UK MAR.
For the purposes of UK MAR, the person responsible for arranging
for the release of this announcement on behalf of the Company is
Arthur Manners .
For further information, please contact:
Helios Underwriting PLC
Martin Reith, Chief Executive Officer (+44) (0)20 3965 6441
Nigel Hanbury, Executive Deputy Chairman
Arthur Manners,Chief Financial Officer
Deutsche Numis (Nomad and Broker)
Giles Rolls / Charles Farquhar +44 (0)20 7260 1000
Buchanan (PR)
Helen Tarbet / George Beale +44 (0)7872 604 453 / +44 (0)20 7466
5111
About Helios
Helios provides a limited liability direct investment into the
Lloyd's insurance market and is quoted on the London Stock
Exchange's AIM market (ticker: HUW). Helios trades within the
Lloyd's insurance market writing approximately GBP501m of capacity
for the 2024 account. The portfolio provides a good spread of
business being concentrated in property & casualty insurance
and reinsurance. For further information please visit
www.huwplc.com .
IMPORTANT INFORMATION
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by the Company that would permit possession or distribution of this
announcement in any jurisdiction where action for that purpose is
required. Any failure to comply with such restrictions or
requirements may constitute a violation of the securities laws of
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END
MSCEAEALFLLDFAA
(END) Dow Jones Newswires
December 15, 2023 02:30 ET (07:30 GMT)
Helios Underwriting (LSE:HUW)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Helios Underwriting (LSE:HUW)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024