Hardy Asia starts underwriting
The new Singapore-based unit of Hardy Underwriting Bermuda Ltd has started underwriting operations.
Hardy Underwriting Asia, which operates within Lloyd's of London's Asia platform in Singapore, is underwriting risks incepting on or after January 1, 2011.
Hardy said yesterday that the unit will focus on writing and leading treaty business from the Asia Pacific region, excluding Japan, on a proportional and non-proportional basis, as well as reinsurance business.
The Asia arm plans to develop its business over time to underwrite property treaty, direct and facultative property, construction and engineering, terrorism, financial institutions, accident and health, and marine and aviation business.
Hardy has rejected a takeover offer from Ireland-based rival Beazley and is now the subject of a hostile takeover attempt.
The development of Hardy Asia is a key part of Hardy's strategy, the company added.
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