Helios Underwriting executive chair to step down

(Sharecast News) - Lloyds of London investor Helios Underwriting, which is currently searching for a new CEO, has announced that executive chair Michael Wade is to also leave the company at the end of the month. The company, which is the only publicly traded company with a portfolio of syndicates at Lloyd's, said that Wade - who only joined in June 2023 as non-executive chair - has decided to step down from his role "to continue developing his non-executive portfolio".

The news comes in the aftermath of June's resignation of chief executive Martin Reith who stepped down to pursue other opportunities, at which point Wade took over as executive chair.

During this tenure, Wade has guided Helios through a period of change and strong performance, overseeing a portfolio restructuring, materially reducing underwriting risk, gearing and overall cost base for 2025, the company said.

Most recently as Executive Chairman, he oversaw the Group's portfolio restructuring, materially reducing the Company's underwriting risk, gearing and overall cost base for 2025. These strategic priorities will remain unchanged under John Chambers.

"On behalf of the board, I thank Michael for his leadership and he leaves with our best wishes. He has played a key role in Helios' strong growth and successful restructuring, leaving the business well positioned for the future," said John Chambers, the non-executive director who has been named as Wade's interim replacement.

"As we look ahead, I look forward to undertaking a search for a new chief executive officer. Helios remains committed to its long term strategy of selecting the best-performing syndicates at Lloyd's to maximise returns for investors."