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Helios Underwriting (AIM: HUW)

Currency in GBP

Last close As at 06/12/2023

GBP1.57

— 0.00 (0.00%)

Market capitalisation

GBP119m

Helios Underwriting was established in 2007 primarily to provide investors with a limited liability direct investment into the Lloyd’s insurance market. It is an AIM-quoted holding company, providing underwriting exposure across a diversified portfolio of selected Lloyd’s syndicates.

The outlook for Lloyd’s has improved meaningfully with cumulative premium increases of 65% since 2018. This should continue supporting lower combined ratios, with higher interest rates boosting investment income. The Ukraine war may still affect loss ratios, but natural catastrophe claims and the hurricane season present the greatest risks.

Latest Insights

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Financials | Update

Helios Underwriting — Interim results deliver long-awaited upswing

Financials | Outlook

Helios Underwriting — Active Lloyd’s risk management and promotion

Financials | Update

Helios Underwriting — Capacity increase supports strong growth

Financials | Update

Helios Underwriting — Increasing asset base to attract higher yields
Lloyd’s Building
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Sector

Financials

Equity Analyst

Marius Strydom

Marius Strydom

Analyst

Key Management

  • Martin Reith

    CEO

  • Arthur Manners

    FD

Balance Sheet

Forecast net debt (£m)

20.8

Forecast gearing ratio (%)

16

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.3 22.8 (0.6)
Relative 1.0 22.1 0.9
52 week high/low 175.0p/115.0p

Financials

Helios Underwriting is a very successful aggregator of Lloyd’s of London syndicate capacity, with a ninefold increase since FY16 and 4.8% for H123, supported by capital raising, reinsurance utilisation and strong syndicate growth. H123 results delivered a strong turnaround, providing support for a very strong earnings growth outlook and high returns into FY24 and FY25, aided by a hard underwriting cycle and higher interest rates. Long-term upside comes from enhanced organic capacity growth prospects, investment in new syndicates and risk classes and investment in its portfolio evaluation and measurement initiative.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 70.6 (1.9) (1.9) (0.8) N/A N/A
2022A 148.3 (5.2) (5.2) (4.9) N/A N/A
2023E 213.5 14.9 14.9 14.4 10.9 7.1
2024E 250.7 28.3 28.3 27.3 5.7 6.4

Research

Outlook

Financials

Helios Underwriting — Active Lloyd’s risk management and promotion
Lloyd’s Building

Update

Financials

Helios Underwriting — Capacity increase supports strong growth

Financials

Update

Helios Underwriting — Interim results deliver long-awaited upswing

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