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ILS Capital Management further increases stake in Lloyd’s investor Helios


Bermuda headquartered ILS fund and reinsurance linked investment manager ILS Capital Management has further increased its stake in Helios Underwriting, the Lloyd’s of London focused investment and underwriting vehicle, with an additional share purchase.

helios-ils-capital-logosIt’s the second acquisition of Helios shares by ILS Capital Management’s flagship insurance-linked securities (ILS) fund vehicle, the 1609 Fund Ltd., in just a few weeks.

In November, the 1609 Fund acquired 175,000 ordinary shares in Helios Underwriting, which took the ILS managers stake in the Lloyd’s investment vehicle to 19.4%.

This morning, it’s been revealed that ILS Capital Management has acquired another 15,000 ordinary shares of 10 pence each in Helios Underwriting at 168.67 pence each on December 3rd.

Following this latest share acquisition, funds under the management of, or associated with, ILS Capital Management, now hold in aggregate 13,362,000 Ordinary Shares in Helios Underwriting.

The stake ILS Capital holds in Helios remains at 19.4% and the ILS and reinsurance investment manager remains one of the largest holders in the Lloyd’s focused investment company.

ILS Capital Management, or funds under its management, first invested in Helios back in March 2021, when the ILS investment manager invested £20.8 million into the company during one of its fund-raising rounds.

At the same time Tom Libassi, co-founder and managing partner of ILS Capital Management, became a non-executive director of Helios with a seat on the board.

ILS Capital Management has made a number of investments that take it closer to primary sources of risk, including via the Lloyd’s insurance and reinsurance market.

Helios, as an investor in limited liability vehicles that back Lloyd’s underwriters, provides an access point through which ILS Capital can gain broad exposure to the returns of the Lloyd’s insurance and reinsurance market, using a structure that has already done the necessary diligence on the value in specific Lloyd’s opportunities.

By tapping into ILS capital providers, Helios is able to align its own processes with other experienced insurance and reinsurance market investors and underwriters, providing a mechanism to tap their appetites to provide follow-on capital should the company find more attractive opportunities to invest in vehicles at Lloyd’s.

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