Home Market Beazley set to acquire Hardy … again

Beazley set to acquire Hardy … again

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Beazley Insurance has confirmed its interest in buying insurance rival Hardy Underwriting.

In a statement released today, Beazley said it would explore the possibilities “of acquiring the entire issued share capacity of Hardy”.

It is the second time in a year Beazely has tried to take over the underwriter. In December 2010 they offered GBP180 million pounds for the company at up to 350 pence per share before they abandoned the deal.

While confirming their interest in the acquisition, Beazley said it was very early stages and there was no certainty that an offer will be made.

Hardy have been struggling in recent months after natural disasters caused them to report losses. Yesterday the company’s shares closed at 175 pence, half of what Beazley offered a year ago.