Business
Capacity Update and Transaction in Own Shares
Capacity Update and Transaction in Own Shares.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n \nRNS Number : 2178B Helios Underwriting Plc 29 January 2020 \n\n \nHelios Underwriting plc\n(\"Helios\" or the \"Company\")\n \nCapacity Update and Transaction in Own Shares\n \nHelios, the unique investment vehicle which acquires and consolidates underwriting capacity at Lloyd's announces an update on the Company's capacity portfolio and its value for 2020 year of account.\n \n Nigel Hanbury, Chief Executive of Helios, commented:\n\"I am delighted that the capacity portfolio will underwrite £70m for the 2020 underwriting year, a 33% increase on the size of the portfolio in January 2019, and the increase in the value of the Fund to £26m will increase the pro forma adjusted net asset value (\"ANAV\") per share to 198p.\"\n \nCapacity Update \nHelios announces that following the acquisition of a further LLV, Nameco 408 Limited, with capacity of £1 million, the underwriting capacity for Helios will be £70m for 2020 year of account a 33% increase in the capacity underwritten at the start of 2019. \n \n\n\n\n\n \n\n\nHelios - 2020 Year of Account Capacity \n\n\n\n\n£m\n\n\nRetained \n\n\nReinsured \n\n\nTotal\n\n\n\n\nCapacity as at 1st January 2020\n\n\n20.7\n\n\n48.3\n\n\n69.1\n\n\n\n\nAcquisition of N408\n\n\n0.3\n\n\n0.7\n\n\n1.0\n\n\n\n\nCurrent 2020 Capacity \n\n\n21.0\n\n\n49.0\n\n\n70.1\n\n\n\n\nCapacity as at 1st January 2019 \n\n\n15.8\n\n\n36.8\n\n\n52.6\n\n\n\n\n% Increase \n\n\n \n\n\n \n\n\n33%\n\n\n\n\n \n \nHelios is continuing to reinsure 70% of the \"on-risk\" open year of account both to mitigate the downside risk and to provide the necessary underwriting capital for that proportion of the portfolio.\n \nCapacity Value \nThe value of the capacity fund as at 31st December 2019 using the weighted average prices of capacity from the 2019 Lloyd's capacity auctions has increased to £26.3m (2018: £20.7m). \n\n\n\n\n \n\n\nCapacity \n\n\nValue of Capacity \n\n\n\n\n \n\n\n£m\n\n\n£m\n\n\n\n\n2019 Capacity as at 1 Jan 2019 \n\n\n52.6\n\n\n20.7\n\n\n\n\nCapacity acquired with LLV's in 2019 \n\n\n9.3\n\n\n3.2\n\n\n\n\nPre-emptions\n\n\n5.6\n\n\n2.4\n\n\n\n\nCapacity management \n\n\n1.5\n\n\n(0.9)\n\n\n\n\nCapacity revaluation \n\n\n0.0\n\n\n0.9\n\n\n\n\n2020 Capacity at 31 Dec 2019\n\n\n69.0\n\n\n26.3\n\n\n\n\n \nA summary of the...