Hardy Underwriting has received Lloyd's approval for the establishment of its new syndicate 3820 (38TWENTY).
The syndicate will begin underwriting with effect from 1 January 2007 with a capacity of £65m, and will focus on property risks, both on a direct/facultative and reinsurance basis.
The active underwriter is Patrick Gage who joined Hardy earlier this year.
Going into 2007, the group's underwriting will increase by 75% to £175m, with the combination of Hardy's successful buyout of the remaining third party capacity on syndicate 382 and the start of underwriting on 38TWENTY.
Hardy's chief executive, Barbara Merry, said: "This is a very exciting time for the Group. We believe that the new syndicate leaves us well positioned to seize the opportunities available to us and drive the future growth of our business."
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