Helios Underwriting is a successful aggregator of Lloyd’s of London (Lloyd’s) syndicate capacity, delivering a sixfold increase since FY16. This larger portfolio, alongside a hardening underwriting cycle and higher interest rates, should fuel strong earnings growth. Helios’s ability to acquire further limited liability vehicles (LLVs) is limited by capital constraints. This will slow capacity growth until FY24 when the hard premium cycle should deliver strong earnings, unless Helios can raise additional capital sooner. Increased funding could fuel strong acquisitive growth for Helios in the remaining £3bn pool of LLV capacity.