Business
AGM Statement
AGM Statement.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n\nAnnual General Meeting (AGM)\nLondon, June 28, 2024 - Helios Underwriting, the only publicly traded investment company offering access to a spread portfolio of (re)insurance risk at Lloyd's of London, the world's largest insurance market, will today hold its Annual General Meeting (AGM) at 9.30am at the City of London Club, 19 Old Broad Street, London.\nInterim Executive Chairman, Michael Wade, will address Shareholders on the Company's progress and strategic direction. Key extracts from his remarks are outlined below:\nAn excellent 2023, supported by favourable market conditions \nThe outstanding performance of the Lloyd's market, with a net combined ratio of 84%, £5.3 billion in investment returns, and profits of £10.7 billion for 2023, underscores the favourable market conditions in which the Company currently operates and which we anticipate will continue into 2024.\nFor Helios, 2023 was a transformative year reporting a significant rise in profits and return of capital demonstrating the success of the strategy to build the capacity portfolio as the prospects for underwriting profitability improved. Helios's share of the capacity portfolio and strong investment performance have delivered a comprehensive profit of £29.9 million for 2023.\nIn 2024, our gross capacity portfolio has increased to £507 million and the retained proportion by Helios shareholders has risen to £392 million, although allowing for mid-year participations the overall number will rise to £512m and £397m respectively.\nThis growth has been achieved by both using our own capital, and by means of quota share and excess of loss reinsurance and by attracting third party capital to participate alongside Helios on its Lloyd's syndicate capacity portfolio. Deploying the funds raised in the issue the Unsecured Loan Notes in December 2023 geared the Helios capital stack for the 2024 year of account but which we will utilise to reduce costs into 2025 as we form a smaller proportion of the overall syndicate portfolio\nCommitment to spread syndicate portfolio strategy\nWe will continue actively to manage a balanced portfolio of Lloyd's syndicate participations. This strategy also allows us to continue attracting third-party capital, which develops a stream of fee income for Helios, and has already seen success with our 'starter-homes' concept and ...