Hardy Q1 cats force profits warning
Lloyd's and international (re)insurer Hardy has warned that claims from the Chilean earthquake and Australian hailstorms in Q1 will have a material impact on profit expectations for the 2010 financial year.
In its Q1 interim management statement, Hardy maintained its previous estimated net loss range of $20mn-$30mn for the Chilean quake and disclosed an A$17mn hit from the hailstorms that struck Perth and Melbourne in March.
The firm explained that it has a larger international treaty portfolio compared to its...
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