Helios Underwriting, a provider of limited liability direct investments to the specialist Lloyd’s insurance and reinsurance market, expects managed capacity in the Lloyd’s syndicate portfolio to reach £467 million in the year of accounting (YOA) 2026, down almost 5% from £491 million in 2025.
Helios noted that while overall capacity is expected to fall year-on-year, the proportion of freehold capacity has increased by 35% to £218 million in 2026, compared with £161 million in 2025.
The company explained that the revised capacity figures reflect further improvements in the quality and resilience of the syndicate’s portfolio, including transactions in the 2025 auction and limited liability vehicle (LLV) acquisitions.
Helios recently completed the acquisition of two LLVs for a total cash price of £4.85 million, approximately 5% below Humphrey’s valuation of £5.09 million. Helios confirmed that the acquired capacity is included in the company’s portfolio through 2026.
“The 2026 portfolio remains diversified and supported by disciplined allocations across syndicates, geographies and business classes. With 75% of capacity allocated to established syndicates, the portfolio is structured to provide a sustainable profit pipeline while effectively managing volatility,” the company said.
The following 10 Lloyd’s syndicates account for 59% of the total portfolio in 2026: Arch 1955; Arch 1955; Atrium 609; Beazley 623; Beazley 5623; Blenheim 5886; Convex 1984;
Helios also reported net asset value per share rose 3.8% to £2.48 in the third quarter ended September 30, 2025, driven by pipeline profits and the results of the recent Lloyd’s capacity auction. The company said profit expectations for 2023, 2024 and 2025 remain strong.
Additionally, the proportion of YOA’s portfolio relinquished through reinsurance and member agency pooling arrangements increased in 2026 as Helios looks to cut debt and costs.
Louis Tucker, chief executive of Helios, said: “Today’s announcement of a portfolio capacity of £467 million for 2026 underlines Helios’ position as the leading portfolio manager in the Lloyd’s market. Although market conditions are starting to soften after a period of unusually strong pricing, overall rates remain attractive.”
“Through our data-driven, quantitative and qualitative approach to portfolio optimization, we continually improve portfolio quality and refine business portfolio categories to adapt to market conditions.
“The portfolio continues to prioritize established groups with strong track records to deliver sustainable cross-cycle performance.
“The board remains committed to maximizing 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 distribution evolves,” she added.
