Martin Reith, who founded Ascot Underwriting Limited in 2001, has been appointed as chief executive and as an executive director at Helios Underwriting Plc effective immediately.
Reith replaced Nigel Hanbury, who served as Helios CEO from October 2012 and is now executive deputy chairman of the Lloyd’s business.
“Helios is an extraordinary business that has grown significantly in recent years and is seen as the benchmark for private capital in the Lloyd’s market,” said Reith when his appointment was announced.
“I see exciting opportunities for further shareholder value creation, specifically by repositioning the earnings stream into a combination of underwriting returns, fees, and commissions to support further profitable growth. I look forward to setting out my strategy in detail in due course.”
Reith brings nearly four decades of underwriting, management, and leadership experience – including as Helios non-executive director from 2021 – to his new roles. The industry stalwart’s credentials also span time spent as CEO of Neon Underwriting Limited, Ascot, and XL Capital’s insurance operations in London.
Helios non-executive chair Michael Cunningham had nothing but nice words for both Reith and his predecessor.
“We are delighted by Martin’s elevation to CEO,” commented Cunningham. “His proven experience in driving growth strategies and creating significant shareholder value means that he is perfectly positioned to lead Helios on to its next stage of evolution.
“We are also very pleased that we will continue to benefit from Nigel’s experience and expertise. In his decade as chief executive he has led Helios from strength to strength through strategically targeted acquisition activity and organic growth.
“With a plethora of opportunities open to us to take advantage of the current Lloyd’s market conditions to drive further growth, we look to the future with confidence.”
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