HARDY LAUNCHES STRATEGIC REVIEW AFTER RECEIVING BIDS

Hardy Underwriting Bermuda Ltd has put itself up for sale after suffering a number of catastrophe losses, including the recent flooding in Thailand. The company said in a statement that it has received several preliminary expressions of interest in its business, and has consequently initiated a strategic review. It said that -in the light of the incidence and size of catastrophe events in 2011 – this review will include consideration of whether there is value in finding a buyer or strategic partner. Hardy is a mainly Lloyd's specialty insurer, although in 2007 it started to expand into international property treaty reinsurance. The string of international natural catastrophes in 2010 and 2011 has been unprecedented in terms of size and frequency, the insurer said. Hardy said it expects a £10m-£25m net loss for the recent flooding in Thailand.