Financial Highlights
- profit before tax and foreign exchange movements £18.7m (2008: £7.3m)
- profit before tax of £7.8m (2008: £8.7m)
- combined ratio before foreign exchange movements 75.7% (2008: 85.0%)
- combined ratio of 87.7% (2008: 83.3%)
- gross written premium up 54% to £149.9m (2008: £97.0m)
- rates on 2009 renewals increased by 6.5% across the portfolio
- net tangible assets of 247.4p per share (year end 2008: 245.4p per share)
- interim dividend of 4p per share (2008: 3.6p per share)
Operational highlights
- successful fundraising of £40m
- syndicates merged and new business unit structure operating successfully
- opened new office in Bermuda and beginning to underwrite from there
- appointed Paul Bailie as managing director of the Bermuda office, effective 21 September 2009
Commenting on the Group’s interim results, David Mann, Chairman of Hardy Underwriting Bermuda Limited, said:
“Hardy has continued to make good progress towards the realisation of its business objectives despite uncertain conditions following the turmoil in the financial markets. “There are clear signs that recovery is underway in the insurance market and the ratings increases we have witnessed across several of our major classes of business are very encouraging.”
Barbara Merry, Hardy’s Chief Executive, added:
“The long term trend of underwriting performance is key and the combined ratio before foreign exchange movements of 75.7% again demonstrates the consistency, quality and depth of our expertise. We could not be more fortunate in having a strong, committed team, a robust balance sheet and a fantastic brand.”
