Hardy Underwriting Group is to start financial institutions underwriting. A specialist team, under the leadership of William Knapman, has been appointed for underwriting financial institutions for 2004.
Two other underwriters will join Knapman, who was previously with Trenwick Managing Agents.
The Group has also announced a bilateral agreement with two wholly owned subsidiaries of Atrium Underwriting. Under the agreement Hardy has bought all of Atrium's rights to participation in the 2004 year of account for syndicate 382. This is on line with the Group's previously stated intention to expand within this syndicate.
Hardy has said the new account is expected to produce approximately £20m of premium income for syndicate 382 in 2004. The company added that it anticipates the account to be accommodated within the 2004 stamp capacity of £115m.
All proposed syndicate plans are still subject to approval from Lloyd's.
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