Bermuda-based re/insurer Hardy Underwriting yesterday declined to comment on a report that Montpelier Re may be a potential buyer.An article published by London-based Insurance Insider claimed that Bermuda-based Montpelier Re, along with Japanese underwriter Mitsui Sumitomo are said to have expressed an interest in buying the Lloyd’s insurer along with “more than a dozen” other suitors, including Bermuda’s Canopius, Bahrain-based Arig and the US company Tower Group.Paul Bailey, managing director of Hardy in Bermuda said that the story was just a “rumour” and it wasn’t “something the company wanted to discuss”.Montpelier Re also wouldn’t comment on the story, saying it’s their “company policy not to comment on speculation in the press regarding Montpelier or any of our peers.”Lloyd’s underwriter Beazley remains the only publicly declared bidder.Established in 1976, Hardy writes insurance and reinsurance specialising in aviation, marine and non-marine property, specialty lines and property treaty, however, within the last two years, the company has been hit by a series of catastrophic events, including the Thai floods, that have hurt their bottom line.In a statement issued in December of last year, Hardy said that in 2010 and 2011, “The incidence of international catastrophe events has been unprecedented in terms of size and frequency.“The losses generated have overshadowed the balance of the portfolio which is performing very well in a challenging rating environment, producing a combined ratio for the nine months ended 30 September 2011 (based on unaudited information) of 78 percent.”Hardy placed itself up to bid and in December it said it had received several preliminary expressions of interest.Hardy is expected to release its fourth quarter and full year 2011 results after the market close on February 9, 2012.