Hardy Underwriting releases the result for the 2004 year of account and an improved forecast for 2005...
Hardy Underwriting has today released the result for the 2004 year of account and an improved forecast for the 2005 year of account of its managed syndicate 382.
Hardy's previous profit forecast range for 2004 was 2.5% to 7.5%, but the year closed on 7.6%. The forecast range for 2005 has risen to 6% to 11% from 2.5% to 7.5%. The improvements are primarily due to better than expected claims development during the last quarter.
Hardy believes that the 2006 year of account has the potential to produce strong profits and a formal forecast for the year will be published at the 18 month stage, in accordance with normal Lloyd's practice.
HUA's new syndicate 38Twenty has also had a positive start to 2007, its first underwriting year. As expected, rates are holding up well in catastrophe exposed areas.
Barbara Merry, chief executive of Hardy Underwriting Group said: “Both 2004 and 2005 include significant claims resulting from hurricane activity in South East USA, and it is testament to the strong composite nature of syndicate 382 that significant profits can still be generated in these circumstances.”
Hardy Underwriting Group plc will be announcing its Preliminary Results for the year ended 31 December 2006 on Thursday 22 March 2007.
