Hardy Reports Growth In Key Market Sectors
Bermuda-based insurer Hardy Underwriting’s gross written premiums increased by 8.5 percent in the first nine months of the year.
Hardy said today [Nov. 14] this was primarily due to growth in its key market sectors, notwithstanding the decision to discontinue certain underperforming lines of business.
It said the rating outlook for property lines was reasonably positive, particularly for catastrophe exposed risks.
It added: “Other lines of business are showing a mixed picture, albeit that our returns continue to be attractive.”
Hardy said the combined ratio for the year to date was 111%, of which 33% related to the major catastrophe events.
It said the the 78 percent combined ratio for the balance of the account reflected its disciplined approach to pricing and risk selection.
Based on the third quarter position, management expectations for the year-end result remain unchanged although there is continued uncertainty regarding the New Zealand and Japan earthquake losses and the quantum of the claims arising from the recent flooding in Thailand.
