Hardy's pre-tax profit fell from £8.9m in 2004 to £7.5m in 2005.
Hardy's gross written premium increased from £87.3m to £111.3m and the board released a final dividend of 8.25p per share.
The company's chairman, David Mann, said 2005 was “a challenging year which established a new record for insured catastrophe losses”.
Mann expects 2006 to be equally challenging. He expects Hardy to “focus on our core classes and to continue to look for new niches, consolidating our position and securing our platform for future growth”.
