Hardy bids to buy out names from syndicate 382

By Jonathan Rest

HARDY Underwriting has made an offer to buy the remaining 9.1% of its Lloyd’s syndicate 382’s underwriting capacity, just a month after the insurer launched a second syndicate for 2007. Lloyd’s third-party members currently hold 9.1% of syndicate 382, which writes across most of the major classes of commercial insurance business except motor and liability sectors, and Hardy said its offer was "subject to Lloyd’s granting consent to a minority buyout of any members not accepting the offer". The core terms of the offer are a cash consideration of 38p per pound of capacity, which amounts to £3.8m ($7.1m) in total, and a deferred consideration equivalent to a share of profits for the 2007 and 2008 years of account as if each third-party name has the same share of capacity as they hold for 2006.