Syndicate 382 profit for 2006 to be in range of 11% to 16%

Hardy Underwriting Group (Hardy) has reported that profit at closure for Syndicate 382 for the 2005 year of account is now expected to be in the range 11% to 16%. It was previously estimated at7.5% to 12.5 %.

The trading update also said that the profit for the 2006 year is estimated to be in the range 11% to 16%.

Hardy’s overall capacity level for 2008 is expected to remain stable, or may grow modestly to allow for further development of Syndicate 3820 which began underwriting in 2007.

The group’s exposure to the UK floods is modest and current estimates are that losses will be less than 2% of 2007 capacity.

David Mann, chairman of Hardy, said: “The result for 2005 is remarkable by any standards. This, together with continued strong performance for 2006, has given us an excellent start to 2007. I look forward to providing shareholders with a more detailed update when we announce our interim results on 12 September.”