Hardy Underwriting Bermuda, an specialist insurer and reinsurer operating within Lloyd's of London, has opened its new Singapore office.
Hardy has said that the formation of Hardy Underwriting Asia within the Lloyd’s Asia platform is to tap the growing Asia Pacific economies, to gain from the increasing amounts of insurance and reinsurance risk.
Underwriting is scheduled to commence during December 2010 with the planned arrival of Richard Lim, who has been recently hired to lead the initiative in Asia.
Initially, Hardy Asia will concentrate on writing and leading treaty business from the Asia Pacific region (excluding Japan) on both a proportional and non-proportional basis along with associated reinsurance protections for key clients.
In addition, Hardy Asia will look to develop all of the Hardy group’s traditional classes as per the demand and add value to both brokers and clients in the region.
The planned offering include property treaty; direct & facultative property; construction and engineering; terrorism; financial institutions; accident and health and marine and aviation.
Hardy Group CEO Barbara Merry said that the opening of new Singapore office will be of increasing significance in the coming years.