HELIOS PROFITS RISE IN HARDENING MARKET

Lloyd’s limited liability investment vehicle Helios Underwriting has reported a four-fold increase in profit before impairments and tax of £2.4m in 2019, boosted the hardening market and recent acquisitions. Over the past two years, Helios has seen premium rates on renewal business rise 10% for half of its book while rate increases in the first quarter of 2020 averaged 8%. “This strong momentum is expected to continue and should result in an improved underwriting performance in 2020, with further improvement expected in 2021,” Helios said. Helios also reported a 31% increase in capacity following the acquisition of four Lloyd’s corporate members in the year and a further acquisition in year 2020. Helios expects the coronavirus pandemic will increase the prospect of acquiring further Lloyd’s vehicles at “lower prices”.