2026 YOA Portfolio Update
Helios Underwriting Plc has announced its 2026 Year of Account portfolio update, with a managed capacity of £467 million, a decrease from £491 million in 2025, reflecting improvements in portfolio quality and resilience. The company recently acquired two Limited Liability Vehicles for £4.85 million, which was below their Humphrey Valuation of £5.09 million, with the acquired capacity now included for 2026. The 2026 portfolio is well-diversified, with 75% allocated to established syndicates, and freehold capacity has increased by 35% to £218 million. Net asset value per share rose 3.8% to £2.48 in Q3 2025, and profit expectations for 2023, 2024, and 2025 Years of Account remain strong.
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Helios Underwriting, the only publicly traded company offering instant access to a portfolio of syndicates at Lloyd's of London, the world's largest insurance market, will be supporting a diversified portfolio of syndicates for the 2026 Year of Account with an overall capacity of £467m (2025: £491m).
The revised capacity figure reflects further improvements to the quality and resilience of the syndicate portfolio and includes trading at the 2025 auctions and Limited Liability Vehicles (LLV) acquisitions. Helios has recently completed the purchase of two LLVs for a consideration of £4.85m in cash compared with the Humphrey Valuation of £5.09m. The capacity acquired has been included in the Helios portfolio for 2026.
The 2026 portfolio remains well-diversified underpinned by disciplined allocation across syndicates, geographies and classes of business. With 75% of capacity allocated to established syndicates, the portfolio is structured to deliver a sustainable pipeline of profits whilst effectively managing volatility.
The proportion of freehold capacity for 2026 YOA has increased by 35% to £218m (2025 YOA: £161m).
The NAV per share as at 30 September 2025 has increased 3.8% to £2.48 in Q3 driven by pipeline profits and results of the recent Lloyd's capacity auctions. Profit expectations for the 2023, 2024 and 2025 Years of Account remain strong.
The 10 syndicates, which represent 59% of the total portfolio for 2026, are:
Arch 1955
Atrium 609
Beazley 623
Beazley 5623
Blenheim 5886
Convex 1984
Fidelis 3123
Hiscox 33
IQUW 218
Nephila 2358
In line with the company's strategy to reduce gearing and costs the proportion of the portfolio ceded through reinsurance and Members' Agency Pooling Arrangements (MAPA) arrangements has increased for the 2026 Year of Account.
Louis Tucker, Chief Executive Officer, commented:
"Today's announcement of our 2026 portfolio capacity of £467m underscores Helios' position as a leading portfolio manager within the Lloyd's market. While market conditions are starting to soften following a period of exceptionally strong pricing, rates remain attractive overall.
Through our data driven, quantitative and qualitative approach to portfolio optimisation we continue to enhance portfolio quality and refine the class of business mix to suit market conditions.
The portfolio continues to prioritise established syndicates with proven track records to deliver sustainable, cross-cycle performance.
The Board remains focused on maximising long-term shareholder value and continues to take steps to reduce gearing and costs. The Board is also committed to reviewing Helios' dividend policy as profit distributions develop."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.