Arig is Hardy's third-party backer

Hardy Underwriting Bermuda has revealed Bahrain-based Arab Insurance Group (Arig) as its new third-party capital provider for its Lloyd’s Syndicate, 382.

Hardy said in November that the third party, which it did not name, will provide capital to support 7.5% of the syndicates underwriting capacity for the 2011 year of account.

Arig has entered into a two-year tenancy agreement to participate on Hardy syndicate 382.

Hardy Group chief executive Barbara Merry said: "This is another important development in the strategic relationship with Arig."