LLoyd's insurer diversifies non-marine property book

Hardy Underwriting Bermuda has appointed an underwriting team to write high net worth property business.

The team, which will be led by Kevin Poland, will be joining Hardy (Underwriting Agencies) to underwrite with effect from 1 January 2009. The team of five includes specialist claims support and has previously worked in the Lloyd's market but has most recently been underwriting on behalf of HSBC.

Risks will continue to be underwritten for HSBC for the remainder of 2008 but, with effect from 2009, the renewal portfolio will be supported by Hardy. Hardy will also manage the runoff of existing 2008 and prior HSBC risks. The portfolio is expected to produce £8m to £10m of high net worth property premium to Hardy for 2009.

Barbara Merry, chief executive of Hardy said: "The addition of Kevin and his team is a very exciting opportunity for Hardy to enhance and diversify its non-marine property book within the UK in an area where we see considerable scope for the future."