Helios Underwriting has reduced its 2026 year of account capacity to £467 million (US$627.4 million), down from £491 million in 2025.
The Lloyd's syndicate portfolio manager attributed the adjustment to improvements in portfolio quality following its 2025 auction trading activity and recent acquisitions.
The company said it completed the purchase of two limited liability vehicles for £4.85 million, with the acquired capacity now incorporated into its 2026 portfolio. The transactions form part of Helios's ongoing strategy to strengthen its position within the Lloyd's market.
Freehold capacity for 2026 increased to £218 million, up from £161 million the previous year. The shift reflects continued efforts to build a more resilient portfolio base.
Chief executive Louis Tucker (pictured above) said the company remains focused on syndicates with established performance histories. "While market conditions are starting to soften following a period of exceptionally strong pricing, rates remain attractive overall," Tucker said.
He added that the portfolio "continues to prioritize established syndicates with proven track records to deliver sustainable, cross-cycle performance."
The 2026 portfolio maintains diversification across syndicates, geographies and lines of business, according to the company. Approximately 75% of capacity has been allocated to established syndicates, with an emphasis on profit sustainability and volatility management.
The capacity reduction comes amid a period of sustained profitability for the company. Between 2013 and 2022, Helios achieved an average return on capital of 12%, outperforming the broader Lloyd's market by 8%. As of May 2025, the estimated return on capital for the 2023 year of account stood at 33.5%.
Ten Lloyd's syndicates account for 59% of total portfolio capacity for the 2026 year of account. Net asset value per share rose 3.8% in the third quarter ending 30 September 2025, driven by pipeline profits and the results of recent Lloyd's capacity auctions.
Profit expectations for the 2023, 2024 and 2025 years of account remain firm, according to Helios. In line with its strategy to reduce gearing and costs, the company said the proportion of its portfolio ceded through reinsurance and members' agency pooling arrangements has increased for 2026.
