This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

Helios Underwriting plc

("Helios", "the Group" or "the Company")

Directorate Change

07 June 2024

Helios, the only publicly traded investment company offering instant access to a diverse portfolio at Lloyd's of London, the world's largest insurance market, today announces that Martin Reith has stepped down from his role as Chief Executive Officer, to pursue other opportunities. 

Michael Wade, currently Non-Executive Chairman, will become Executive Chairman with immediate effect as the search for Martin's successor begins. Nigel Hanbury, currently Executive Deputy Chairman, will become Non-Executive Deputy Chairman.

Helios recently reported a significant rise in profits and distributions in its full year 2024 results. The Company reported doubling of the capacity over the last two years of its Lloyd's syndicate portfolio to £507m for 2024, underlining its strategy and commitment as a manager of its spread on the 2024 year of account, where the Company has a retained proportion of 77%.The Company reiterated its intention to continue to act for third-party capital providers and anticipates this will grow as a proportion into 2025.

Following recent press speculation, the Board can confirm that it has explored the potential of establishing a new 'follow only' syndicate at Lloyd's, but it has decided not to pursue this concept in order to focus exclusively on supporting its spread portfolio.

Michael Wade, Executive Chairman of Helios, commented:

"Martin has made a significant contribution to Helios and has been instrumental in developing the Helios spread syndicate portfolio, accelerating the performance of the Company and growing our in-house management team. We wish him the very best for the future."

For further information, please contact:

Helios Underwriting plc

Michael Wade - Executive Chairman 
Michael.Wade@huwplc.com     

Arthur Manners - Chief Financial Officer 
+44 (0)203 965 6441    

Deutsche Numis (Nomad and Broker)                                      

Giles Rolls / Charles Farquhar                                    

+44 (0)20 7260 1000

FTI Consulting

Ed Berry / Tom O'Brien

+44 (0)7703 330 199 / +44 (0)7929 021 492

About Helios

Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW). Helios trades within the Lloyd's insurance market writing approximately £507m of capacity for the 2024 account. The portfolio provides a good spread of business being concentrated in property & casualty insurance and reinsurance. For further information please visit www.huwplc.com.