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Daily Insurance Industry News
Sunday 21st of January 2018
August 29, 2008

Hardy Underwriting Bermuda reports steady H1

by David Masters

Story link: Hardy Underwriting Bermuda reports steady H1

Hardy Underwriting Bermuda has posted its first half results with pre-tax profit of £8.7 million, £0.4 million lower than during the same period last year.

The slight fall in profit came despite a significant increase in gross written premium to £97 million, compared to £88.8 million for the first half of 2007.

Net tangible assets increased to 212.8 pence per share, compared to 181.7 pence per share last year.

Combined ratio worsened to 83.3% from 79.5%.

Chairman David Mann said the result was ‘in line with expectations’ despite a ‘weak’ and ‘challenging’ general market.

He added that the company is poised to capitalise on any improvements in the market, expected to occur within 12 to 18 months.

CEO Barbara Merry praised the company’s achievements during the first half of the year, and said that the results constituted ‘significant progress’ in Hardy’s long term strategy.

Shareholders will be paid an interim dividend of 3.6 pence, 0.3 pence more than last year.

 

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