Hardy Underwriting Group reported a pre-tax profit of £14.3m for the year ended 31 December 2003.
This compared to a pre-tax profit of £6.6m the previous year.
Gross written premium (GWP) increa …
Hardy Underwriting Group reported a pre-tax profit of £14.3m for the year ended 31 December 2003.This compared to a pre-tax profit of £6.6m the previous year.Gross written premium (GWP) increased to £59.2m, against £49.5m in 2002.The combined ratio for Syndicate 382 stood at 81.2%, compared to 82.7% the previous year.The directors announced a dividend of 8.25p, up from 7.25p in 2002.Chairman Peter Hardy said: "We remain enthusiastic about the rating environment overall and, despite some falling off in certain classes, we believe the rates are at a very acceptable level, in some cases better than at the peak of the last hard market."The additional business lines in respect of which we recruited new underwriters in 2003, specifically in UK direct property damage and financial institutions, will come fully on stream in 2004."
Hardy 2003 results