Lloyd's insurers Atrium and Hardy have both increased syndicate capacity in the third Lloyd's auction this week.
Atrium has acquired a further £2.6m of capacity on its two managed syndicates, 570 and 609 at a cost of £200,000. Following these acquisitions, Atrium now owns £86m of its managed capacity and its participation on its managed syndicates for 2005 is 24% for Syndicate 570 and 25% for Syndicate 609, up from 17% and 16% respectively in 2004.
Atrium also announced that it had sold £21.9m of capacity on non-managed syndicates over the course of the three auctions for total cash proceeds of £1.9m.
Hardy said that, in each of the auctions, it subscribed for capacity on Syndicate 382, offering 15p per £1 of capacity. As a result, the group has acquired
£3,450,463 of capacity for the 2005 year of account at a cost of £517,570.
Hardy chief executive Barbara Merry said: "We are delighted to have extended our ownership of Syndicate 382 capacity. This is further good progress towards our long term target of acquiring 100% of the capacity."
