Helios Underwriting, a publicly listed company providing direct access to a range of syndicates at Lloyd’s of London, has released updated mid-point forecasts for its syndicate portfolio covering the 2023 and 2024 years of account, based on second-quarter 2025 figures.
The company notes that historical patterns suggest the potential for further movement in the second half of the year.
For the 2024 year, Helios indicates that losses from above-average catastrophe events, including significant wildfires in California earlier this year, have largely affected this period.
Despite this, the mid-point forecast has increased slightly to 8 percent, compared with previous estimates, reflecting the company’s assessment of pricing and claims development to date.
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Helios clarifies that its forecasts are based on estimates provided by Managing Agents and have been adjusted for additional expenses on certain syndicates that are not included in Lloyd’s reported results. The projections also incorporate estimated profits from seven Syndicate-in-a-Box arrangements for 2024, which are excluded from official market data.
The update provides a snapshot of how Helios’ portfolio is performing across these two years of account, noting modest changes in expected returns and the ongoing effects of recent loss events.
John Chambers, Interim Executive Chairman, said: “The continuing strong financial performance of Helios reflects the strength of our unique proposition, our continued strategic delivery and favourable underwriting conditions. As a result, we have been able to continue to unlock shareholder returns, including a dividend payment of 10 pence per share in 2025.
“The period has been characterised by an increasingly disciplined approach to the allocation of capital – prioritising established syndicates with profitable track records over new syndicates – while making headway in bringing our operational costs down to a more sustainable level.
“We believe that the best years of this insurance cycle remain ahead of us from a returns perspective. Our portfolio management team has worked to increase the quality of Helios’ syndicate portfolio, which will show through in future years. Meanwhile, the Lloyd’s three-year accounting structure provides the Company with good visibility for the next two years, where we expect to see a similar level of capital returned to Shareholders.”
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