Hardy Underwriting has named David Mann chairman to succeed Peter Hardy, who is retiring from the senior board position to become a non-executive director.
The board also said the performance of the balance of the 2004 and 2005 syndicate years of account is progressively improving and both years are expected to produce overall underwriting profits.
For 2006, Hardy said the increase in syndicate capacity to £110m will enable it to exploit improving market conditions.
The recent hurricanes, Rita and Wilma, are currently estimated at not more than $5m combined. Hardy also estimates that its net loss from Katrina will be within the range $12-16m which reflects the increase in latest market and internal estimates.
Hardy said that despite these losses, it still sees a satisfactory full year and expects to pay a maintained dividend.
