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Syndicate Results 2023 #3 Hardy 382

The Lloyd’s syndicates have now published their results for 2023 and, in some cases, added detail and an outlook for 2024. Some have stuck to the bare bones. As in the previous few years, IMN is summarizing the results from all syndicates that have a notable marine interest, if they have provided some information on the marine side.

Active underwriter   C Day

Hardy Underwriting Agencies is the managing agent for Syndicate 382 whose principal activity is underwriting general insurance and reinsurance business at Lloyd’s. HUA is wholly owned by Hardy Underwriting Bermuda Limited, a Bermudian holding company.

Hardy Underwriting Ltd (HUL), another wholly owned subsidiary of HUB, is a corporate member of Lloyd’s and is the sole provider of underwriting capacity to Syndicate 382.

HUB is wholly owned by The Continental Corporation (TCC), a wholly owned subsidiary of CNA Financial Corporation (CNAF), which, in turn, is controlled by Loews Corp.

The Syndicate reported a profit of £71.1m in 2023, compared to a loss of £4.4m in 2022. The calendar year combined ratio was 83.2% (2022: 97.3%). The Syndicate recorded an underwriting profit of £46.3m (2022: £6.3m) and investment returns of £28.7m (2022: loss of £14.6m).

The Syndicate reported an increase in gross written premiums of 13.5% for the year, to £364.4m – up from £321.2m in 2022. The increase was driven by strong retention and new business.

Net written premiums in 2023 of £296.7m increased from the prior year figure of £265.1m. An increase in ceded written premiums was recorded as a result of the increase in gross written premiums.

On a calendar year basis the net loss ratio of 56.1% represented a 10.9pp improvement over the prior year ratio of 67.0% which was impacted by large loss activity in several lines.

The expense ratio for the year of 27.1% represented an improvement compared to the prior year ratio of 30.3%. This was driven mainly by premium growth and reduced acquisition costs.


Gross written premiums364.4321.2254.4
Net written premiums296.7265.1211.8
Profit/(loss) for the financial year71.1(4.4)9.6
Loss ratio56.1%67.0%61.8%
Expense ratio27.1%30.3%32.4%
Combined ratio83.2%97.3%94.2%

HUL provides 100% of the underwriting capacity for the Syndicate. The underwriting capacity was £330.0m for the 2021 and 2022 years of account and £380.0m for the 2023 year of account. For the 2024 year of account, the total underwriting capacity is £380.0m.

Segmental Information

2023 £000GWPGPEGCINOEReins BalTotal
Energy – Marine & Non-Marine36,80827,194(16,635)(4,403)(5,368)788
Assumed reinsurance93,12395,285(47,198)(18,482)(6,678)22,927


2022 £000GWPGPEGCINOEReins BalTotal
Energy – Marine & Non-Marine9,5189,853(5,926)(2,104)(1,168)655
Assumed reinsurance115,117113,326(83,385)(27,187)7,42210,176

Favourable prior year loss development of £11.1m was recorded in 2023 compared to favourable development of £0.2m in the prior calendar year. In the current calendar year, the favourable loss development was driven primarily by lower emergence of claims of certain lines of business than previously anticipated.

Emoluments active underwriter