by Angelique Ruzicka
Hardy has become the latest Lloyd’s insurer to launch a rights issue. The Bermuda-based specialist plans to raise £40.3m and is being advised by Debevoise & Plimpton.
Its peers Catlin, Beazley and Chaucer have all launched rights issues this year. Barbara Merry, chief executive of Hardy, said: “If you were an investor you would be a bit fed up with Lloyd’s businesses coming around raising money. But we actually had a good reception.”
She added: “We are not seeking money to repair our balance sheet or to try to sort out 2009’s underwriting. What we are talking about is raising money for a growth proposition.”
Hardy’s 2008 results were ahead of market expectations. Gross written premium stood at £172.8m, up from £147.5m posted in 2007. Pre-tax profit was £23.1m, up from £18.3m in 2007.
Merry added: “We were very conservative on our investments and didn’t have any toxic assets on our balance sheet.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet