Hardy's profits drop to £20.1m
Lloyd's insurer Hardy Underwriting Bermuda's profit before tax has fallen to £20.1m in 2009, compared to £23.1m the previous year.
Profit before tax and foreign exchange movements increased to £26.7m. (2008: £4.4m) while the combined ratio before foreign exchange movements is 78.1% (2008: 91.2%).
Commenting on the group’s results, David Mann, chairman of Hardy Underwriting Bermuda, said: “I am pleased to report that the Hardy group has maintained its record of profitability, returning a profit of £20.1m, after taking into account a foreign exchange loss which partly reverses last year’s gain. The profit before tax and
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