Listed Lloyd's underwriter Hardy has upped the forecast profit for the 2001 year of account for Syndicate 382 due to "favourable developments" within the 2000 and prior years of account.
These developments were now expected to enable a release from the reserves held in respect of those years, Hardy said.
Hardy has improved the forecast to a range of 8.5% to 13.5% of underwriting capacity from a previous range of 6.5% to 11.5%.
For the 2002 underwriting year, the forecast is for a profit in the range of 15% to 20% of capacity. This reflected the favourable underwriting conditions and lack of major catastrophes/loss activity during the period, Hardy said.
Through its wholly-owned subsidiaries, Hardy owns approximately 74% of the capacity on the 2001 underwriting year and about 80% of the 2002 underwriting year of syndicate 382. The total capacity of the syndicate is £50.3m in each of these years.
