Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Helios Underwriting swung to a first-half loss as Covid-related losses offset higher premiums.
For the six months ended 30 June 2020, the company reported a pre-tax loss of £108,000, compared with a profit of £753,000 year-on-year, while revenue rose to £23 million from £20 million.
Gross premiums rose 25% to £76 million.
Underwriting profit fell to £154,000 from £1.6 million, owing to losses arising from the Covid-19 coronavirus pandemic.
Losses of £5m had been reserved for Covid-19 by the supported syndicates as at 30th June 2020, of which 85% attaches to the 2019 year, the company said.
'Current market conditions have opened up an exciting window of opportunity for Helios: the opportunity to increase our retained exposure by reducing the quota share cession and through targeted acquisitions of LLV's,' the company said.
'We have an attractive pipeline of these, which we are actively evaluating. We also continue to explore options to finance the additional capital required, including a potential fundraising.'