KBRA Publishes Long-Term Credit Rating of A- with a Stable Outlook for Helios Underwriting plc's Series A Senior Unsecured Notes
15 Dec 2023 | New York
KBRA publishes the long-term credit rating of A- assigned to Helios Underwriting plc’s 9.5% fixed rate USD 75 million Series A Senior Unsecured Notes due December 15, 2030. The Outlook for the rating is Stable. On November 14, 2023, KBRA initially assigned an unpublished A- preliminary long-term credit rating with a Stable Outlook.
The rating reflects the position of Helios Underwriting plc (HUW:LSE) (Helios) as a key provider of private capital to Lloyd’s, unique offering of uncorrelated insurance-linked returns to investors, experienced management team, consistent selection of high performing syndicates, manageable financial leverage and strong debt service coverage (inclusive of the $75 million Notes) and successful track record of accessing various sources of capital to support the growth of its business. Balancing these strengths are exposure to natural catastrophe event risk and key person risk.
Helios is an investment management company which provides its shareholders with access to a select curated portfolio of Lloyd’s of London (AA-/Stable) insurance risk, offering investment growth and returns uncorrelated to the broader financial markets. In addition, Helios provides owners of Limited Liability Vehicles in the Lloyd’s market with an exit strategy by buying their capacity and redeploying it to syndicates within its own portfolio.
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