Helios
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The Lloyd’s investment business has cut expenses by 54% over the past six months. -
Louis Tucker established and later sold Barbican Insurance to Arch in 2019.
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The investment vehicle will publish its full results on 2 June.
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Michael Wade, who joined Helios in 2023, led the group’s portfolio-restructuring exercise.
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The reduction in capacity reflects “strategic adjustments”.
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The company’s net asset value per share is expected to hit £2.06.
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The vehicle’s GWP increased by 45% to £230mn over the period.
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The Lloyd’s vehicle also announced Chambers as an independent non-executive director.
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The Lloyd’s vehicle will focus on its existing spread portfolio.
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The investment vehicle reported a profit before tax of £22.7mn.
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The move follows work to create a capacity rental venture with members’ agent Argenta.
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The appointment of additional non-executive directors is currently under consideration.
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The investment vehicle saw an increase of 22% in the firm's NAV in 2023.
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The carrier recently launched a rental capacity initiative with Argenta Private Capital.
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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.
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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.
