Hardy Underwriting Bermuda Ltd., a Lloyd's of London insurer, said insurance revenue for the first nine months of the year rose 10 percent helped by gains at a new underwriting unit.

Revenue for the nine months ended September 30 increased to £138.6 million ($204 million) from £125.5 million a year earlier, the Bermuda-based company said in statement distributed by the Regulatory News Service.

The company expects its new Bermuda-based underwriting unit to start writing property business in the second quarter of 2009.