Building a high quality portfolio at Lloyd’s

Helios focus on the acquisition of quality syndicates, with seven of the leading managing agents providing 77% of the portfolio in terms of syndicate participation.

The underwriting results of the Helios portfolio have consistently outperformed the Lloyd’s market average, with the average return being 5% higher than the Lloyd’s average.

These incremental returns demonstrate the diversity and the breadth of underwriting expertise within the businesses comprising the portfolio of syndicate capacity.

The Helios Board benefits from deep familiarity and long-standing relationships within Lloyd’s.

Michael Cunningham

Non-executive Chariman

Helios portfolio

Top seven holdings by Managing Agent January 2019 (January 2019)

Syndicate	Managing agent	Capacity £’000	Helios portfolio % of total
510	Tokio Marine Kiln Syndicated Ltd	9,352	17.4
623	Beazley Furlong Ltd	8,038	15
33	Hiscox Syndicated Ltd	6,686	12.5
2791	Managing Agent Partners	5,254	9.8
609	Atrium Underwriters Ltd	4,778	8.9
218	ERS Syndicate Management Ltd	4,368	8.1
6117	Argo Managing Agency	2,905	5.4
Subtotal		41,381	77.1
Other		12,283	22.9
Total Helios portfolio		53,664	100.0

Capacity

	Underwriting Year
	2014	2015	2016	2017	2018
Capacity at 1st January — £m	18.1	20.5	28.1	32.6	41.0
Acquired since year commenced — £m	19.5	15.8	26.9	21.7	15.9
Capacity at 31st December — £m	37.6	36.3	55.0	54.3	56.9
Helios Retained Capacity — £m	22.3	19.7	31.8	28.9	18.7
Increase in retained from Quota Share Commutation — £m			3.3
Adjusted Retained Capacity — £m	22.3	19.7	35.1	28.9	18.7
Proportion of Capacity Retained — £m	59%	54%	64%	53%	33%

2015	Year 1	Year 2	Year 3
Capacity at 1 January at start of Year — £m	20.5	26.8	32.2
Helios retained capacity at start of YOA — £m	6.2	10.6	16
Retained	30%	40%	50%
Acquired during succeeding 12 Months — £m	6.3	5.4	4
Helios retained capacity at end of 12 Months — £m	10.7	16	19.7
Retained	40%	50%	54%
Capacity at each 31st December after commencement of the YOA – £m	26.8	32.2	36.3

2016	Year 1	Year 2	Year 3
Capacity at 1 January at start of Year — £m	20.5	26.8	32.2
Helios retained capacity at start of YOA — £m	8.4	10.9	17.9
Retained	30%	32%	47%
Acquired during succeeding 12 Months — £m	5.6	4.2	—
Helios retained capacity at end of 12 Months — £m	10.9	14.6	—
Retained	32%	38.5%	—
Capacity at each 31st December after commencement of the YOA —£m	33.7	37.9	—
Increase in retention from Q/S Commutation — £m	—	3.3	—
Adjusted Helios Retention — £m	—	17.9	—
Adjusted retained	—	47	—

2017	Year 1	Year 2	Year 3
Capacity at 1 January at start of Year — £m	32.6	37	—
Helios retained capacity at start of YOA — £m	10.7	11.6	—
Retained	30%	31%	—
Acquired during succeeding 12 Months — £m	4.4	—	—
Helios retained capacity at end of 12 Months — £m	11.6	—	—
Retained	31%	—	—
Capacity at each 31st December after commencement of the YOA — £m	37	—	—

2018	Year 1	Year 2	Year 3
Capacity at 1 January at start of Year — £m	41	—	—
Helios retained capacity at start of YOA - £m	12.3	—	—
Retained	30%	—	—
Acquired during succeeding 12 Months — £m	—	—	—
Helios retained capacity at end of 12 Months — £m	—	—	—
Retained	—	—	—
Capacity at each 31st December after commencement of the YOA — £m	—	—	—

Building a high quality portfolio at Lloyd’s

Helios portfolio

Capacity

Adjusted net assetvalue per share

(pence)

Dividend for the year

(pence per share)

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