Net income for the six months ended June 30 increased to $13.6 million, according to the London-based company.
Hardy, which started a new syndicate in January to cover property risks, is going against the trend that led many insurers to cut capacity in London, where increased competition and a decline in destructive storms are weighing on insurance rates. Hardy may increase overall underwriting capacity by 6 percent to 185 million pounds in 2008, and the move to Bermuda would help it pursue U.S. insurance opportunities and lower taxes.
Bermuda is a “credible'' insurance center where U.S. property and catastrophe coverage is growing, Chief Executive Officer Barbara Merry said in an interview today. "There is business being written that will never see the light of day in London,'' she said.