Lloyd's managing agent Hardy Underwriting has launched a bid to buy-out the third party capacity of its commercial syndicate.

Hardy has applied to the Council of Lloyd's for consent to make a minority buy-out of the capacity currently remaining on Syndicate 382.

So far, 74.6% of third party capital providers have accepted the offer.

Non-accepting members now have 21 days to make representations to Lloyd's, after which a Lloyd's committee will meet to consider the application.

' Advent Capital has taken control of more than 90% of its property insurance and reinsurance syndicate after making an offer to buy-out all third party capital in July.

It received acceptances worth £23,693,870, which represents 79% of capacity subject to offer.

It has asked Lloyd's for permission to give notice of termination of the standard managing agent's agreement to those members of Syndicate 780 who have not accepted the offer.

Advent Capital also reported its half year results, revealing market conditions on key lines among the best it had experienced.

Profit before tax rose £7.6m to £10.1m while net premium earned rose £7.7m to £40m.