Helios Underwriting PLC on Wednesday said it had a strong second quarter thanks to an ‘outstanding’ portfolio, with an increased net asset value and an anticipated rise in underwriting profit.

The London-based investment company provides investors with exposure to the Lloyds insurance market through its syndicate capacity portfolio, as well as acquiring limited liability vehicles.

The stock was untraded at 127.50 pence on Wednesday in London, having last traded on Tuesday.

Helios Underwriting said its tangible NAV at August 30 was 152p per share, up from 149p at June 30, 2022. It said this could increase to 174p per share over the next two years, as its anticipated retained post-tax underwriting profits are recognised.

‘Helios’s proposition as the investment vehicle which builds shareholder value through exposure to Lloyd’s continues to go from strength to strength,’ said Chief Executive Martin Reith. ‘We have built and curated an outstanding portfolio of the better performing syndicates, based on stringent underwriting discipline and judicious capital deployment.’

Helios noted that it completed four limited liability vehicle acquisitions during the recent quarter for £7.4 million in total. Additionally it took £6 million capacity on a new syndicate, with underwriting having started on July 1.

Helios Underwriting’s total retained and reinsured capacity at August 30 was £310.8 million, up from £296.7 million at May 30.

Copyright 2023 Alliance News Ltd. All Rights Reserved.