Hardy reports large jump in COR
Bermuda-based Hardy Underwriting has announced a 17% deterioration in its combined operating ratio to 119% for the first six months of 2011.
The Lloyd's insurer cited losses from catastrophes, such as in Australia, New Zealand and Japan, for the worsening COR as it also revealed a loss after tax of £17.1m compared to a £2m profit in the same period of 2010.
The provider's gross written premium increased to £167.3m (H1 2010: £155.9m) as it admitted that "there remains an element of uncertainty about eventual outcomes" regarding its catastrophe losses.
The insurer also announced the appointment of Ian Parker as chief operating officer
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