Lloyd's insurer suffers hurricane loss.
Lloyd’s insurer Hardy Underwriting Bermuda has taken a $23m (£14.6m) hit from hurricanes Gustav and Ike.
The specialist insurer said its exposure was mainly from the devastation wrought by hurricane Ike on coastal states in the southern US. There were fewer claims inland.
Hardy said the impact of the hurricane claims would not have a significant impact on its full-year results.
David Mann, Hardy’s chairman, said: “We are living through extraordinary times and it is a testament to the strength of Hardy that the results for the full year are so promising.”
Hardy said it was insulated from the market volatility after investing in short-dated high-grade, fixed-income securities or cash deposits.
Hardy Underwriting Group reported a pre-tax profit of £8.7m for the six months to 30 June 2008, down from £9.1m in the same period last year.
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