Press Release
Hardy Underwriting Bermuda Limited Preliminary Results for the year ended 31 December 2007
Category: Business, CompaniesHamilton, Bermuda: Wednesday, March 19, 2008 -
Hardy Underwriting Bermuda Limited ["Hardy" or "The Group"], the specialist insurer, today announced the preliminary results for its subsidiary, Hardy Underwriting Group plc for year ended 31 December 2007. The highlights are:
FINANCIAL
Combined ratio of 80.5% (2006: 76.9%)
Gross written premium of £147.5m (2006: £106.1m)
Record profit before tax of £18.3m (2006: £16.8m)
Basic earnings per share of 38.4p (2006: 34.1p)
Post tax return on equity of 17.7% (2006: 17.8%)
Net tangible assets of 198.3p per share (2006: 173.1p per share)
Total dividend of 11p per share (2006: 10p per share)
OPERATIONAL¡
Syndicate 38 Twenty established as lead for non-marine property risks
Bermuda redomicile effected
On 7 February 2008, Hardy Underwriting Bermuda Limited was listed on the London Stock Exchange having become the ultimate parent Company of Hardy Underwriting Group plc.
Commenting on the Group’s preliminary results, David Mann, Chairman of Hardy Underwriting Bermuda Limited, said: “By any measure, the past year was a successful one for the Hardy Group. Against the background of softening market conditions, we have been able to derive real benefit. Our focus on writing a broad spread of business and on exploiting Hardy’s specialist expertise in writing complex and hard-to-place risks has enabled us, once again, to report a record profit of £18.3m for 2007.
“Our decision to re-domicile the Group to Bermuda underlines our commitment to a strategy of securing the intelligent and profitable growth of our business. It illustrates the Board’s commitment to invest in the future development of the Group’s business. Bermuda is the third largest reinsurance market in the world and the formation of Hardy Underwriting Bermuda will deliver important benefits.”
Barbara Merry, Hardy’s Chief Executive, added: “We achieved what we set out to do in 2007. We have seen the establishment of syndicate 38Twenty as a credible participant in the non-marine property sector and as a result of the Bermuda redomiciliation process, we have secured the future ability of the business to underwrite via both London and Bermuda platforms. Both of these steps are key in the delivery of our strategic plan to grow organically and to be the ‘home’ of choice for specialist underwriters.”
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