SYNDICATE PROFITS UP AT HARDY, OMEGA

Hardy Underwriting and Omega Insurance Holdings this morning announced improved numbers for their respective Lloyd’s syndicates for 2004 and 2005. Hardy closed the 2004 year of account (YoA) at syndicate 382 with a 7.6% profit as a percentage of capacity, compared with the previous estimate of between 2.5% and 7.5%. For 2005 the range increased from between 2.5% and 7.5% to between 6% and 11%. Omega’s syndicate 958 closed YoA 2004 with a 7.61% profit (previous range 5% to 10%), while for 2005 the range was narrowed to between 5% and 10%. For 2006, Omega predicted that the syndicate would generate profits in the range of 12.5% to 20%. Hardy said that the 2006 year of account “has the potential to produce excellent profits”. A formal forecast would be published at the 18-month stage. Hardy Underwriting Agencies’ new syndicate 3820 (“38Twenty”) was also reported to have had a positive start to 2007. Hardy Underwriting Group will be announcing its preliminary results for 2006 on March 22.