Hardy Underwriting Bermuda Ld (HDU.L) said Tuesday that it expects trading results for the full year to be ahead of market expectations.
The Group expects profits before tax to be not less than £22 million and Gross written premiums to be in excess of £170 million. The property treaty, aviation and marine accounts all performed strongly and the Group particularly benefited from the strengthening of the major currencies against sterling.
Hardy's original estimate for losses arising from hurricanes Gustav and Ike was $23 million after all reinsurance recoveries and reinstatement premiums. The Group's estimate has now reduced to $17.6 million.
As at 1 January 2009, the Group had written total premium income of £69.1 million, a 41.6% increase on the prior year. Overall renewal rates for the Group have increased by 5.2%.
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