16/08/2007
Lloyd's insurer Hardy Underwriting has improved its profits estimate for its underwriting syndicate 382 for 2005 and 2006.
Fully listed Hardy says it now expects 2005’s profits for Syndicate 382, which writes most classes of business except motor and liability, to emerge between 11 and 16 per cent. That compares with a previous estimate of between 7.5 and 12.5 per cent and comes with a similar forecast of 11 to 16 per cent underwriting profits for 2006.
If the fully listed company can achieve these results in a period of admittedly falling premium rates and intensifying competition, that should augur well for its new property syndicate, 38Twenty, which started underwriting in January with a capacity of £65 million.
Hardy says its exposure to recent UK floods is ‘modest’, with potential losses of less than two per cent. At 297p, up 2.25p today and valuing the company at £105 million, the shares should outperform several sector peers.
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