Hardy sees profits rocket before exchange
Bermuda-domiciled insurer Hardy has reported a steep increase in profit before tax and foreign exchange movements of £26.7m (2008: £4.4m), in contrast to a slight dip in profit before tax of £20.1m (2008: £23.1m). The combined ratio before foreign exchange movements was 78.1% (2008: 91.2%) while overall business volumes rose 40%.
Hardy chief executive Barbara Merry told Post: "In common with others in the Lloyd's market, we are choosing to show the position before foreign exchange because we want to focus on the result over
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