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Insurance Times - Hardy increases underwriting capacity for syndicate 382: "Hardy Underwriting Bermuda has announced that the underwriting capacity of syndicate 382 for 2009 has been increased from £185m to £250m.
Hardy said an increase has been necessary in order to accommodate the expected additional business volume arising as a result of the strengthening of the other major currencies against sterling.
The £250m capacity level has been agreed with Lloyd's, and takes effect from 1st January 2009. In support of this capacity increase, Hardy has lodged further funds at Lloyd's through the utilisation of the Group's letter of credit facility. The utilised facility now amounts to £35m."
06 January 2009
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1 comments:
it is good to see that there are still beneficiaries of letters of credit out there, since banks have been so very restrictive in their lending practices.
I wonder what Hardy put up as collateral (because many banks simply ask for cash collateral) ?
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