Helios Underwriting, an investment firm that provides direct access to a varied portfolio at Lloyd’s, has announced Michael Wade’s (pictured) immediate transition from non-executive chairman to executive chair.
The move comes in response to Martin Reith’s departure from his position as chief executive to pursue other opportunities. The search for Reith’s successor is now also underway.
Additionally, Nigel Hanbury, who is currently the executive deputy chairman at Helios, will assume the role of non-executive deputy chair.
Wade commented: “Martin has made a significant contribution to Helios and has been instrumental in developing the Helios spread syndicate portfolio, accelerating the performance of the company and growing our in-house management team. We wish him the very best for the future.”
Read more: Helios Underwriting reports strong financial gains for FY23
Meanwhile, addressing recent media speculation, the company’s board confirmed that it had considered launching a new ‘follow-only’ syndicate at Lloyd’s but ultimately decided against it. Instead, Helios will concentrate on bolstering its existing portfolio.
Writing approximately £507 million of capacity for the 2024 account in the Lloyd’s insurance market, Helios also recently reiterated its intention to continue to act for third-party capital providers.
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