Gross written premium is also up almost a third

Operating profit at Helios Underwriting has increased by 88% to £1.3m for 2013.

This is an increase from £0.68m for 2012, but profit after tax fell 4% to £0.73m.

Chairman Sir Michael Oliver said: “The £1.3m operating profit before tax for the year shows a significant improvement on 2012, and on this key measure 2013 is our best year to date. During 2013 we acquired four LLVs at what we believe to be attractive prices. Already in 2014 we have made three more acquisitions and have identified significant scope for further growth. The Board is pleased to recommend a maiden final dividend for 2013 of 1.5p per share, together with a special dividend of 3.0p per share.”

Helios also reported an improvement in gross written premium (GWP) over 2013. GWP for the year was £11.9m, a 31% increase on the £9.1m written over 2012.

Chief executive Nigel Hanbury said: “Over the past 12 months, we have redefined our strategy, refined our portfolio of existing syndicates, launched a 50% quota share with XL Re, made further acquisitions, implemented a new investment policy and strengthened the management and advisory teams.

“We look forward to the future with great enthusiasm.”