Hardy builds 2012 Tower of capacity
Capital-stretched Hardy Underwriting has signed up US reinsurer Tower Group to provide reinsurance capital for its 2012 underwriting, the London-listed firm confirmed today.
Tower will provide 15 percent of Hardy's 2012 capacity at Lloyd's to help support Syndicate 382's planned growth across its existing business and its new offshore energy division.
Hardy will also beef up its existing quota share with Bahraini insurer Arig, which had a 7.5 percent interest in the syndicate in 2011 and will provide 10 percent...
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