Hardy Underwriting Bermuda Ltd. expects its book of re/insurance business to increase by nearly a quarter this year.

The Bermuda-based company said in its interim management statement, released on Friday, that it expects to 2010 gross premiums written to total around £300 million ($480 million), compared with £242 million in 2009.

Hardy said it expected the market to remain "broadly flat", but planned to increase premium to £315 million in 2011.

Barbara Merry, Hardy's chief executive, said: "Our ability to deliver positive results at this stage in the cycle and with considerable catastrophe activity further demonstrates the value of our diversification programme.

"There is much work to do to meet the regulatory and business challenges ahead but the team is committed to ensuring that our long term vision is met for the benefit of all our stakeholders."

The company said it had maintained "a rigorous focus on underwriting profitability" and had been able to underwrite risks at good technical prices, despite a marginal reduction in renewal rates over the year.

The statement added that long-term returns from the property treaty business unit remained "very attractive", although it added that the unit's results had been weakened by some significant catastrophe events and from a general weakening of market conditions.

Results for the other three business units, marine and aviation, non-marine property and specialty lines, were either in line or ahead of plan.

Hardy added that its new Singapore office, which opened in October, will start underwriting from December 1.

"We are excited by the business opportunities that this regional hub will present," the statement added.