Hardy Underwriting’s Strategic Review
Hardy Underwriting Bermuda is carrying out a strategic review following the size of catastrophe events this year and after receiving several preliminary expressions of interest in its business.
The Bermuda-based specialist insurer and reinsurer said the review would consider whether shareholder value might best be maximised and business opportunity might be enhanced by finding a buyer or strategic partner.
In a statement today [Dec.1], Hardy says that while it remains too early to provide accurate loss estimates for claims arising from the floods in Thailand, it has exposure to certain surplus treaties, the losses for which are rumoured to be material.
Combined with a provisional loss estimate for Hardy’s other exposures in Thailand, the net loss after reinsurance for the Thai floods is estimated to be in the range of £10 million to £25 million.
Hardy says it has sufficient liquidity and capital to absorb these losses and funds have been lodged at Lloyd’s to support the 2012 year of account business plan.
Headquartered on Par-La-Ville Road, Hardy Underwriting Bermuda Limited is listed on the London Stock Exchange and is the ultimate holding company for the Hardy group of companies.
