Hardy confirmed this week that it would be reducing the capacity of Syndicate 382 by 15% in 2005.

The Syndicate's capacity will drop from £115m to £100m. Syndicate 382 writes marine, property reinsurance, UK direct property, aviation and financial institutions business.

Hardy announced that the Syndicate's 2003 year of account was expected to produce a profit of 7%-12% of capacity.

The insurer said the forecast for the 2002 year of account remained unchanged, with a profit of 13.5% to 18.5% of capacity expected.

Hardy said the forecasts had been influenced by "a lower than expected capacity utilisation which, in turn, has been impacted by a deterioration in the value of the US dollar".

Chief executive Barbara Merry said the syndicate "continued to be extremely selective in the business written".

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.