Helios Underwriting - Strong share price on supportive fundamentals

On 22 March, Helios Underwriting reported NAV for 31 December 2023 of 185p/share. This is broadly in line with our expectations and has not affected the forecasts in our update note published on 16 January. We maintain our valuation of 280p/share, which is at a 51% premium to the 31 December 2023 NAV. Since our last publication, Helios's share price has risen by 22% (up 33% in the last month). This strong performance is well supported by the underlying fundamentals and outlook (as highlighted in our research) and was delivered despite the conclusion of Helios's share buyback in January. Share overhang pressure appears to have subsided, although one of Helios's key shareholders, Hudson Structured Capital Management (HSCM), may still be a natural seller of Helios shares due to internal issues.

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