Helios
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The MAPA will allow APCL clients to participate in a portfolio of syndicates without the need to own the underlying capacity. -
The executive will retain her parallel role at Artificial Labs.
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The company is undertaking the £1.5mn buyback while shares remain below net asset value.
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The carrier booked an underwriting result of £11.7mn ($14.1mn) for the first six months of 2023, up from £3.3mn in the same period last year.
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The underwriting vehicle increased its capacity for 2023 by 34% to £238mn.
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Nigel Hanbury, who has been CEO since 2012, will move into the role of executive deputy chairman.
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The capacity provider said market discipline remains strong and 2023 will offer superior returns.
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The Lloyd’s capacity provider already raised gross proceeds of £12.5mn in a November share placing.
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The Lloyd’s capacity provider raised the money as part of an accelerated book-build process.
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The company attributed H1 losses to inflation, increasing reserves and capacity and £3.5mn of investment losses.
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The capital provider believes the time is ripe to take on increased underwriting risk.
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The company’s capacity doubled to £232.7mn for the year.
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