First quarter results show £10m increase in gross premium.
Hardy Underwriting Bermuda has announced the merging of two syndicates following the release of strong first quarter results.
The company said syndicate 3820 will be merged into syndicate 382 with effect from 1 January 2009.
Adrian Walker will become the director of underwriting, and will remain the named active underwriter, for the enlarged syndicate 382.
The company said market conditions are broadly in line with its expectations, and added first-quarter gross premium volume is £51.8m compared to £42.1m a year ago, largely because the accounts written by syndicate 3820 were not fully established at this point in 2007.
The company said its investment portfolio has performed well in the first quarter, with a return for the quarter of £2.1m.
