HELIOS UNDERWRITING PLC (Helios) delivered strong EPS of 21.6p in FY23, from a loss of 3.1p in FY22, ahead of Edison Group’s 14.7p forecast. On 7 June, the company announced that CEO @Martin Reith had stepped down, with Michael Wade taking over as executive chair. Mr Reith had driven a strategy of investment in internal capabilities and Lloyd’s of London (Lloyd’s) capacity expansion via tenancy capacity and promotor activities. While Helios will still pursue select capacity acquisition, indications are that future strategy will increasingly be focused on extracting value from the existing portfolio, with greater shareholder distributions through dividends and share buybacks. Edison has updated their forecasts based on the FY23 performance and underwriting outlook, paring back their near-term capacity growth forecasts but allowing for a more liberal distribution policy.
5 July 2024
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