Hardy Underwriting Group has reported an increase in pre-tax profit to £1.8m for the six months to June 2002 - a rise of £0.9m from last year.
In light if its strong performance, Hardy said its tar ...
Hardy Underwriting Group has reported an increase in pre-tax profit to £1.8m for the six months to June 2002 - a rise of £0.9m from last year.
In light if its strong performance, Hardy said its target of 10% average return on underwriting capacity is "achievable".
Hardy also announced that it has increased the syndicate's underwriting from £54m in 2002 to £100m for 2003.
Chairman Peter Hardy said: "Subject to the unforeseen, our target of 10% average return on underwriting capacity looks achievable...the result is a good one and the directors are confident of the outlook for the full year.
"We have again generated these profits primarily from our underwriting activities and from third party fees and profit commission. The combined ratio amounts to 91.2 pct.
"Our investment portfolios have not performed well, reflecting the turbulence in the markets generally. New funds have not been invested in equities."
Gross premiums for the first half of 2002 totalled £28.2m, while earnings per share were up 4.5p to 5.9p.
Hardy added: "This is an exciting and positive time in our business. We are well placed with no material outstanding reinsurance debts and our capital is intact and increased. Insurance rates are attractive and we see no immediate risk of a weakening."
