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RNS Number : 5245D

Hardy Underwriting Bermuda Ld

17 May 2012

Hardy Underwriting Bermuda Limited

! Interim Management Statement

Hardy Underwriting Bermuda Limited (LSE: HDU), the specialist insurer and reinsurer, today releases its interim management statement for the first quarter of 2012.

Overview

-- Gross written premiums for the syndicate have decreased by 21.5% year on year, primarily as a result of the decision to discontinue certain underperforming lines of business and a reduction in catastrophe risk appetite.

-- The rating outlook for property lines is positive. Other lines of business are showing a mixed picture, albeit that returns continue to be attractive

-- There is continued uncertainty regarding the quantum of the claims arising from the flooding in Thailand.

Underwriting Operations

The table below shows the premium income and renewal rating information across all four business units for the period up to, and including, 1 April 2012.

 
 
                            Gross written premiums GBPm 
---------------------  ------------------------------------  ------------- 
                        2011    2012    Increase/(decrease)     Renewal 
                                                               rate change 
                                                                    % 
---------------------  ------  ------  --------------------  ------------- 
 Marine and aviation    30.8    45.1           14.3               -0.1 
---------------------  ------  ------  --------------------  ------------- 
 Non-marine property    39.4    31.7           (7.7)              6.5 
---------------------  ------  ------  --------------------  ------------- 
 Specialty lines        10.0     8.5           (1.5)              -0.9 
---------------------  ------  ------  --------------------  ------------- 
 Property treaty        76.0    37.4          (38.6)              19.1 
---------------------  ------  ------  --------------------  ------------- 
 Total                  156.2   122.7         (33.5)              8.4 
---------------------  ------  ------  --------------------  -------------

Values are gross of brokerage and commissions, on a like for like currency basis.

Marine and aviation

Income in the marine and aviation portfolio has increased significantly as compared to 2011 due to the introduction of the energy account. With some variances within the products, the overall rating environment is steady.

Non-marine property

Non-marine property has shown an increase in volume notwithstanding the discontinuation of the HNW portfolio of business. This business is subject to improvements in rating.

Specialty lines

The quarter has been relatively uneventful for this business unit. The overall rating environment is steady.

Property treaty

The significant reduction in the Group's risk appetite and the non-renewal of the Kyosai book have resulted in lower volumes for the business unit, despite strong rating improvements. There has been little new catastrophe activity in the quarter.

Investments

There has been no change to the conservative asset allocation within the Group's funds. The portfolio continues to focus on quality and liquidity with no holdings in equities or other risk assets and no direct exposure to sovereign debt issued by Portugal, Ireland, Italy, Greece or Spain. The return for the period to 31 March is 0.53%.

- ENDS -

For further enquiries, please contact:

 
 Hardy Underwriting Bermuda Limited   www.hardygroup.co.uk 
 Barbara Merry, Chief Executive       Tel: 020 7626 0382 
 
 Redleaf Polhill                      Tel: 020 7566 6720 
 Emma Kane/Samantha Robbins/Henry     hardy@redleafpolhill.com 
  Columbine

Notes to Editors:

About Hardy Underwriting

Hardy is a specialist underwriting business operating within Lloyd's of London. Its business has been built around its management of and participation on Lloyd's syndicate 382, which underwrites a range of insurance and reinsurance classes on a worldwide basis.

Further information on Hardy is available at the Group's website: www.hardygroup.bm

This information is provided by RNS

The company news service from the London Stock Exchange

END

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