LONDON (Bloomberg) — Hardy Underwriting Bermuda Ltd., a Lloyd's of London insurer, said premium income rose 30 percent in the first quarter of the year because of higher rates and a boost in sales to wealthy individuals.

Premium income increased to £145.9 million ($224 million) in the period ending March 31, from £112.4 million pounds a year earlier, Hardy said in a statement yesterday.

"We have seen considerable hardening of terms and conditions for catastrophe exposed business," Hardy said in the statement. "We have maintained our cautious approach and are on track as regards forecast returns for 2009."