Hardy to buy back up to 2.7m shares

Lloyd’s insurer Hardy will buy back up to 2.7m of its common shares under the repurchase scheme it revealed on 26 November.

The company will acquire no more than 100,000 shares a day up to a price of £2.75 a share. The actual number of shares purchased, the timing and the amount paid will depend on market conditions, Hardy said.

The news follows Beazleys withdrawal of its offer for Hardy after Hardy rejected its final bid of £3.50 a share. Hardy said in its November announcement that it would commence the buy-back if Beazley withdrew its offer.

As also revealed in the November announcement, Hardy will disclose the margin by which its reserves exceed actuarial best estimates, starting with its full-year 2010 results. “Preliminary indications emphasise the conservatism of Hardy's historic reserving approach and suggest that this margin is likely to be significant,” the company said.