Hardy Underwriting Bermuda Ltd. has opened its new Singapore office.

In a statement, the Bermuda-based specialty re/insurer said the move recognises the growing significance of the Asia Pacific economies, and the tendency for local markets to retain increasing amounts of insurance and reinsurance risk.

Hardy chief executive officer Barbara Merry said: "The opening of our new Singapore office embodies our stated philosophy of thinking global whilst acting local.

"We are certain that this development will be of increasing significance in the coming years."

Hardy Underwriting Asia Pte Ltd., will start underwriting in December 2010 with the planned arrival of Richard Lim.

Initially, Hardy Asia will concentrate on writing and leading treaty business from the Asia Pacific region, excluding Japan, on both a proportional and non-proportional basis along with associated reinsurance protections for key clients.

Building on this core account, Hardy Asia will look to develop all of the Hardy group's traditional classes where there is local demand and where we are able to add genuine value to both brokers and clients.

Representatives from Hardy Asia will be attending the East Asian Insurance Congress in Bali next week.