The wave of Lloyd?s of London insurers redomiciling in Bermuda may grow again after Hardy Underwriting Plc said last week that a move was ?still on the agenda?.

Business news agency AFX quoted Barbara Merry, Hardy?s chief executive, saying: ?Redomiciling is still on the agenda.?

It said she added that a move to Bermuda is ?something that you can?t dismiss?.

Last Monday, Omega Underwriting Plc followed Hiscox Plc by announcing that it was planning to redomicile its holding company to Bermuda, effectively reducing its corporate tax rate to around 11 percent from 30 percent.

Catlin, another Lloyd?s underwriter, moved its domicile to Bermuda last year.

Hardy yesterday reported a fall in first-half pre-tax profits to ?6.1 million from ?7.7 million in the first half of 2005 due to the weak dollar.

The result beat broker Numis Securities? expectations of ?5.2 million.

Hardy also saw gross written premiums fall to ?58.35 million from ?65.58 million, which was below Numis? expectations of an increase to ?75 million.

Merry said this was due to a results statement complication in 2004 that continued into the 2005 and 2006 expression of results.

Gerald Farr, an analyst for Seymour Pierce, said the results were above market expectations, adding that investors ?should remember that Hardy is exceptionally cautious about its underwriting philosophy ?- they always have an underwriting profit?.

Merry also said that she was confident of good underwriting results in 2006.

?We?re feeling pretty bullish about 2006,? she said, adding that Hardy, like the rest of its competitors, was seeing ?catastrophe insurance pricing at unprecedented levels?.