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Strong Share Price on Supportive Fundamentals

On 22 March, HELIOS UNDERWRITING PLC reported NAV for 31 December 2023 of 185p/share. This is broadly in line with Edison Group’s expectations and has not affected the forecasts in their update note published on 16 January. Edison maintains their valuation of 280p/share, which is at a 51% premium to the 31 December 2023 NAV. Since Edison’s last publication, Helios’s share price has risen by 22% (up 33% in the last month). This strong performance is well supported by the underlying fundamentals and outlook (as highlighted in Edison’s research) and was delivered despite the conclusion of Helios’s share buyback in January. Share overhang pressure appears to have subsided, although one of Helios’s key shareholders, Hudson Structured Capital Management Ltd. (HSCM), may still be a natural seller of Helios shares due to internal issues.

4 April 2024

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