This week Amlin, Hardy and Hiscox have reported lower profits, rather than losses, as a result of the record cost of non-US natural catastrophes ; Beazley with a lower weighting to short-term risks actually increased profits, as did Novae.

Even using the most pessimistic of estimates, an adjusted figure for Hardy?s NAV is at least 310p which leaves it looking cheap at the current 277p, where it yields 5.3%.

Amlin is on a PER of 8.8x and yield of 5.8% and Hiscox on a PER of 8.1x and a yield of 4.3%, both of them look good value.   

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