Hardy posts pre-tax losses of $42 million

Hardy has announced a pre-tax loss of $42.12 million for 2011, in comparison to profits of $10 million in 2010.

Gross written premiums were also down from £279 million in 2010 to $268 million in 2011.

Commenting on the group's results, David Mann, chairman of Hardy Underwriting Bermuda Limited, said that the board had concluded that, in the light of the impact of the catastrophe losses on the group's financial resources and of the ongoing strategic review, it would not be appropriate to pay a final dividend. “2010 and 2011 have been challenging years for Hardy and we have learnt a great deal from the experience,” he said.

“As a consequence, we believe that the underwriting portfolio is in fundamentally better shape than it has ever been. The strategic review is proceeding and we remain focused on achieving the best possible outcome for all stakeholders.”