Hardy has reported a fall in profit before tax in its year-end results from £14.4m in 2003 to £8m in 2004.
The group said 2004 had “began very well” but the extreme hurricane season in the third quarter would cost the group £8m in the aggregate net of reinsurance.
Combined ratio for Syndicate 382 rose to 93% from 81.2% a year earlier. The Syndicate's 2002 year of account closed with a profit of 19.7% of capacity, with 30.8% of written income.
The 2003 year of account closed its year-end with an 18.6% return on premium income, and earned profit rose to £6m from £5.9m a year earlier.
Hardy chairman Peter Hardy said 2005 would bring a downturn in the market.
“Fortunately, in respect of both our core business and our new niche classes (which will represent 40% of our portfolio for 20-05), the margins are still adequate and we remain confident that there are profits to be made.”
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