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Insurer Hardy buoyed by shares sell-off
03.02.09
Insurance: Bermuda-based Lloyd's of London insurer Hardy enjoyed a double whammy of good news today.
Ahead of full-year results at the end of the month, Hardy was able to brag that it was one of the few insurers not to have lost money in the stock market last year.
It dumped equities for bonds, boasting a return on its portfolio of 5.2% over 2008 when the FTSE 100 fell more than 30%.
Hardy reckons losses from hurricanes Gustav and Ike will be just $17.6 million (£12.4 million) — down from the expected $23 million. That means profits seem likely to top £22 million.
The shares added 20p to 310p.
