Estimate as at the 30th June 2007 will be released later in the year
Hardy Underwriting Group, the specialist Lloyd’s insurer, today reports on the trading environment for its managed syndicates 382 and 3820 and on the latest forecast result of syndicate 382 for the 2005 year of account.
The 2005 forecast result for syndicate 382 is steadily improving and is now expected to be a profit in the range of 7½% to 12½% (previously 6% to 11%).
The 2006 year of account is progressing exceptionally well and an estimate as at the 30th June 2007 will be released later in the year.
Business volumes for the 2007 year for both syndicates are holding up well notwithstanding some evidence of rate weakening. Hardy is satisfied that the combination of low loss incidence to date and acceptable margins provide a healthy buffer to withstand adverse catastrophe losses in the second part of the year and so provide the potential for a good result to be achieved for 2007.
David Mann, chairman of Hardy Underwriting Group, commented: “The result for 2005 will be remarkable against a backdrop of such devastating hurricane activity and the prospect of an overall Lloyd’s market loss for that underwriting year. It serves to validate the Hardy commitment to a diversification strategy. 2006 should also produce a very impressive result.”
