Chief executive Barbara Merry opens the door to setting up a Bermuda primary insurer

Hardy chief executive Barbara Merry has opened the door to forming a primary insurance company in Bermuda. But she insisted that any such move would not cannibalise business from the group’s Lloyd’s operation.

Earlier this month, Hardy redomiciled to Bermuda, following in the wake of Hiscox and Kiln. It has set up a reinsurance company, Hardy Re, which will write quota share reinsurance for Hardy’s syndicates.

The group also plans to establish a Bermuda-based managing general agent, underwritten by the Lloyd’s operation, to attract new business that is coming into the Bermuda market.

“We may decide in future to set up a capitalised Bermuda insurer with its own rating,” Merry said.

She added that the decision on whether to do this would depend on the business environment and business opportunities.

But Merry insisted that such a move would not diminish Hardy’s commitment to the Lloyd’s market. “It would be looking at business that does not come to London. We would still have marine, aviation and specialist business at Lloyd’s. Our heart and soul is at Lloyd’s”.