It is said to have made a 300p per share offer for Hardy on October 6, which has been rejected by Hardy Underwriting. A letter had been issued to the Board of Hardy aiming to purchase the entire issued and to be issued share capital of Hardy at 300p per share.
This non-binding Proposal, according to the Board of Hardy undervalues the Company and hence fails to highlight the strong historic underwriting track record of the Company.
The significant growth which has been achieved by Hardy in the last few years is a result of its principle of not making any compromises on its underwritten standards.
The company though has achieved complementary expertise by marking an active participation in developing opportunities but it still is following the same strategy to widen its geographical reach including the Asia Pacific region.
With its valuations already at a cyclical low, this proposal by the Lloyd's Company has been made opportunistically, the board holds.
A well-regarded figure, Andrew Beazley, 57 has been announced by Beazley last week, which says “Both have well-regarded underwriting teams, renowned track records of profitability and a shared objective to develop a diverse specialty insurance franchise”.