Lloyd’s Hardy Underwriting to Boost Capacity for 2003

A.M. Best reported that one of Lloyd’s managing agencys, Hardy Underwriting Group plc, has been approved to increase the underwriting capacity of its syndicate 382 to 100 million pounds ($1 = 0.64 pounds) for the 2003 year of account. It currently has a capacity of 54 million pounds plus 16 million pounds of additional quota-share capacity.

In addition, Hardy Underwriting Ltd., one of two corporate members of Lloyd’s owned by Hardy Underwriting Group, has reportedly offered to buy all of the capacity on syndicate 382 not already owned by the Hardy group, which currently controls 79.8 percent of the syndicate’s capacity. It would offer 12.6 pence for every pound of capacity.

Hardy’s primary lines primary lines in 2001 were aircraft hull and nonmarine property excess-of-loss coverage.