Lloyd's insurer Hardy's stock price opened 9.7% down this morning after the company revealed higher Q1 catastrophe loss estimates.

Hardy announced that its loss estimate for Q1 catastrophes had increased to a range of £28m to £33m from a range of £21m to £26m.

Hardy's share price opened today at 254.50p, 9.7% down on yesterday's close of 281.75p. In early trading, the stock slipped to a low of 238.25p - 15.4% lower than yesterday's close.

However, the company's stock has since recovered, and was trading at 264.50 at 11am. This is 6.1% down on yesterday's close.