Hardy boss adds to holding

Hardy Underwriting chief executive Barbara Merry has bought shares following the insurer's interim figures.

Merry bought 11,500 shares at 229.4p each just over four months since she sold 25,260 shares at 290p each. Merry owns 585,189 shares.

Underwriting director Adrian Walker and non-exec Allan Dunkle also bought shares.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Walker, who also sold shares at the end of March, bought 8,500 shares at 238.2p each, taking his stake to 394,091 shares.

Dunkle acquired 10,000 shares at 245p each. He owns 17,000 shares.

Hardy posted an interim profit despite a big jump in claims in the half year to June 2010. Profits fell heavily to £0.8m from £7.8m as the combined ratio soared to 101.7% from 71.4%, indicating an underwriting loss, as Hardy bore a string of catastrophe losses. Gross premiums rose to £155.9m, from £149.9m. NAV rose to 257p a share from 247p a share and the interim dividend goes up to 4.4p a share.

Top Director Buys

Hardy Underwriting (HDU) Director name: Barbara MerryAmount purchased: 11,500 @ 229.40p Value: £26,381

Hardy Underwriting (HDU) Director name: Allan DunkleAmount purchased: 10,000 @ 245.00p Value: £24,500

Advanced Power Components (APC) Director name: Phillip J LancasterAmount purchased: 240,000 @ 10.00p Value: £24,000

Hardy Underwriting (HDU) Director name: Adrian WalkerAmount purchased: 8,500 @ 238.20p Value: £20,257