REG - Helios Underwriting - Quarterly Syndicate Mid-point Forecast update

Helios UnderwritingAnnouncement

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RNS Number : 7165Z  Helios Underwriting Plc  09 April 2026

9 April 2026

 

Helios Underwriting plc

("Helios" or the "Company")

Quarterly Syndicate Mid-point Forecast update and announcement of new Share
Repurchase Programme

Helios Underwriting, the only publicly traded company offering access to a
diverse portfolio of syndicates at Lloyd's of London, the world's largest
insurance market, today announces an update on the Q4 mid-point forecast for
the 2023 and 2024 years of account (YOAs). The 2023 YOA profits, which are in
line with expectations, will be realised in May 2026 and accordingly we are
also announcing a share repurchase programme.

Louis Tucker, Chief Executive Officer, commented:

 "The continued strong financial performance of Helios reflects the quality
and diversification of our Lloyd's portfolio. The period has been
characterised by an increasingly disciplined approach to the allocation of
capital - prioritising established syndicates with profitable track records
over new syndicates - while making headway in reducing our operational costs.

The launch of this share buyback programme demonstrates the strength of our
conviction in the value of Helios. Backed by good visibility for the next two
years of profit distributions from the prior YOAs."

Quarterly Syndicate Mid-point Forecasts

The current mid-point forecasts in respect of its portfolio of syndicate
capacity for the 2023 and 2024 YOAs based on the fourth quarter 2025 mid-point
forecasts are:

 

                                            2023                                               2024                                          2025
                                            £m                                                 £m                                            £m
 Total capacity as at 31st Dec 2025
 Retained                                                       255.5                                            407.7                       337.7
 Reinsured / Third party                                           66.3                                            115.2                     158.3
                                            321.8                                              522.9                                         496.0
 Mid-point forecast at 30th September 2025  16.1%                                              8.3%
 Current mid-point at 31st December 2025    17.0%                                              9.3%
 Changes in mid-point forecast              0.9%                                               1.0%
 Syndicate Business Forecast (SBF)*                                                                                                          13.5%

 *Return on capacity estimate for the Helios portfolio using data from the
syndicate business plan. It is used as a reference as mid-point forecasts for
2025 YOA are not yet available.

Activity During the Period

The prior YOAs estimates continue to improve in line with expectations and are
tracking towards a strong ultimate result. This demonstrates the underlying
strength of pricing adequacy.

The 2023 mid-point forecast improved to 17.0% (16.1% as at Q3 2025) in line
with expectations, in the final quarter and these profits will be realised in
May 2026.

The 2024 calendar year experienced above average levels of catastrophe losses
with the majority of the California wildfire claims attributed to the 2024
year of account. We are starting to see the mid-point forecast gradually
improving, by c1 percentage point, to 9.3% profit on capacity (8.3% as at Q3
2025), and the year is tracking towards a strong ultimate result.

Following changes in reporting by Lloyd's of London, the ultimate forecasts
will be reported from the fifth quarter, which will be available from June
2026 for 2025 YOA. The 2025 calendar year so far has experienced below average
levels of catastrophe losses, which is expected to be reflected in the
forecasted profit for 2025 YOA.

Share Repurchase Programme

Helios announces that the Board of Directors has approved a share repurchase
programme to return up to a maximum aggregate amount £2,000,000 to the
Company's shareholders ("The Programme").

About the Programme

The following is a summary of the authority given to the company at the annual
general meeting (AGM) on 30 June 2025:

·      The aggregate number of ordinary shares of 10 pence each
("Ordinary Shares") acquired by the Company pursuant to this share purchase
programmes shall not exceed the maximum number of Ordinary Shares which the
Company is authorised to purchase pursuant to the authority obtained at the
Company's AGM to repurchase up to a maximum 7,244,295 Ordinary Shares
("General Authority") that was approved at the 2025 AGM on 30 June 2025.

·      In accordance with the General Authority, the maximum price paid
per Ordinary Share acquired by the Company pursuant to the Programme is to be
no more than:

o  105% of the average middle market closing price of an Ordinary Share on
AIM for the five business days preceding the date of purchase; and

o  the higher of the price of the last independent trade and the highest
current independent purchase bid for Ordinary Shares on the trading venue
where the purchase is carried out

·      The Programme will commence on the date of this announcement and
will continue until the earlier of either the expiration of the General
Authority or until the maximum pecuniary amount has been purchased under the
Programme.

·      The purchased Ordinary Shares will be held by the Company in
treasury at the Company's discretion for later reissue or cancellation. Shares
held in treasury are not entitled to dividends and have no voting rights at
the Company's general meetings.

·      Share repurchases will take place in open market transactions and
may be made from time to time depending on market conditions, share price and
trading volume. The maximum price paid per Ordinary Share will be no more than
the net tangible asset value per share of the Company.

·      The Company confirms that it currently has no unpublished inside
information.

·      The Programme will operate in accordance with and under the terms
of the relevant General Authority, and within the regulatory limit on the
quantity of Ordinary Shares the Company may purchase on a single day. The
Programme will be conducted within the parameters of the Market Abuse
Regulation 596/2014/EU and the delegated regulations made pursuant to it (as
incorporated into UK domestic law by the European Union (Withdrawal) Act
2018).

·      As at the date of this announcement, the Company's total issued
share capital consisted of 75,216,173 Ordinary Shares, with one voting right
per share. The Company holds 5,630,255 Ordinary Shares in treasury. Therefore,
the total number of voting rights in the Company was 69,585,918.

 

ENDS

For further information, please contact:

 

Helios Underwriting plc

 Louis Tucker - Chief Executive Officer  +44 (0)203 965 6441

 

 Adhiraj Maitra - Director of Finance and Operations  +44 (0)203 743 2114

 

Deutsche Numis (Nomad and Broker)

 Duncan Monteith / Charles Farquhar      +44 (0)20 7601 6100

 

 

FTI Consulting

 Ed Berry  +44 (0)7703 330 199

 

 Christian Harte    +44 (0)7974 288 763

 

 

 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 £467m of capacity for the 2026 year of 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.

 

 

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