Insurer makes an initial repurchase of 25,075 shares

Lloyd’s insurer Hardy Underwriting has bought back 25,075 of its common shares in the buy-back programme it announced last month.

The shares were repurchased on December 15 at an average price of 272.2 pence a share. The highest price was 273.25 pence and the lowest 272 pence.

Following the purchase, the company holds 25,075 shares in treasury and 1,025,469 shares under the Hardy Underwriting Employee Benefit Trust. Excluding these, Hardy has 51,717,673 shares in issue.

Following Beazley’s withdrawal of its offer for Hardy on Monday, Hardy announced that it would buy back up to 2.7 million common shares. The company first revealed its intention to buy back shares on 26 November.

Hardy received approval from shareholders to buy back up to 7.8m shares at its annual general meeting in May.

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