Helios Underwriting, a publicly listed company that provides direct access to a range of syndicates in the specialist Lloyd’s insurance and reinsurance market, reported a 3.8% increase in net asset value (NAV) per share to £2.48 in the third quarter ended 30 September 2025, up from £2.39 in the second quarter of 2025.
Helios attributed the increase in NAV per share to an increase in pipeline profits (8p) based on the syndicate’s reported midpoint of the third quarter, as well as changes in capacity valuations (1p).
Total net asset value as at September 30, 2025 was £176.8 million, up from £170.4 million as at June 30, 2025.
Helios’ portfolio value increased by £700,000 as a result of the auction and by £5.7m as a result of profits.
Louis Tucker, CEO of Helios Underwriting, commented: “Helios’ strong financial performance reflects our unique proposition and continued strategic delivery. With this, coupled with currently favorable underwriting conditions in the Lloyd’s market, we continue to unlock shareholder returns, including total capital returns of £14m in 2025 through dividends and tenders.”
“This period has been characterized by an increasingly disciplined approach to capital allocation – prioritizing older groups with a record of profitability over newer ones – while making progress in reducing our operating costs to more sustainable levels.
“Our portfolio management team is committed to improving the quality of the Helios syndicate portfolio, which will be reflected in the coming years. At the same time, Lloyd’s three-year accounting structure provides the company with good visibility of positive cash flow over the next two years.”