Gross written premiums up 40%
Hardy Underwriting Group reported record profit of over £18m for 2007.
The specialist insurer, which recently redomiciled to Bermuda, reported pre-tax profit of £18.3m up from £16.8m the year before.
Gross written premium was £147.5m compared to £106.1m in 2006. The combined ratio of 80.5% (2006: 76.9%)
David Mann, chairman of parent company, Hardy Underwriting Bermuda, said: “By any measure, the past year was a successful one for the Hardy Group. Against the background of softening market conditions, we have been able to derive real benefit. Our focus on writing a broad spread of business and on exploiting Hardy’s specialist expertise in writing complex and hard-to-place risks has enabled us, once again, to report a record profit.”
“Our decision to re-domicile the Group to Bermuda underlines our commitment to a strategy of securing the intelligent and profitable growth of our business. It illustrates the Board’s commitment to invest in the future development of the Group’s business. Bermuda is the third largest reinsurance market in the world and the formation of Hardy Underwriting Bermuda will deliver important benefits.”
Barbara Merry, Hardy’s chief executive, added: “We achieved what we set out to do in 2007. We have seen the establishment of syndicate 38Twenty as a credible participant in the non-marine property sector and as a result of the Bermuda redomiciliation process, we have secured the future ability of the business to underwrite via both London and Bermuda platforms. Both of these steps are key in the delivery of our strategic plan to grow organically and to be the ‘home’ of choice for specialist underwriters.”
