Hardy scrapes H1 profit despite cat blows; shares climb
Bermuda-domiciled Hardy Underwriting defied market fears of a loss to eke out a £0.8mn pre-tax profit in H1 despite bruising catastrophe losses in Chile and Australia.
The news sent Hardy's shares on the London Stock Exchange racing up 6.4 percent, or 14.5p, to 240p in morning trading, as investors had resigned themselves to a loss after the insurer flagged up its surprisingly high losses in the first quarter.
Nonetheless, Hardy maintained its $30mn net loss estimate for Chile, equivalent to...
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