Record profits for Hardy in 2007
by David Masters
Story link: Record profits for Hardy in 2007
Specialist insurer Hardy Underwriting Group has announced its results for 2007, with record profits in excess of £18 million.
A recent move to Bermuda has seen profits for the group soar, with pre-tax profits reaching £18.3 million for 2007, compared to £16.8 million in 2006.
Gross written premiums rose 40%, up to £147.5 million compared to £106.1 million the previous year. However, combined ratio also increased, from 76.9% in 2006 to 80.5% for 2007.
Chairman of Hardy Underwriting Bermuda, David Mann, said of the results: “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.”
Chief executive Barbara Merry 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.”