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Capacity Increase Supports Strong Growth

HELIOS UNDERWRITING PLC reported a 27% increase in Lloyd’s of London (Lloyd’s) underwriting capacity for the start of 2023 to £296.6m, with historically high pre-emptions offered by its syndicates and additional tenancy capacity purchased in the Lloyd’s auctions as the main drivers. Retained capacity grew by 39% to £238.3m on the back of a lower level of reinsurance. Capacity growth was supported by a successful capital raise of £12.5m gross in November 2022. The company also announced the acquisition of three limited liability vehicles (LLVs) in December 2022, which resulted in a modest £5.7m addition to capacity. The strong increase in capacity has prompted Edison Group to lift their underwriting premium forecast, with a resultant increase in our earnings forecast for FY24.

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