Beazley continues bid hunt despite Hardy Underwriting rebuff

Lloyd's of London insurer Beazley is still on the acquisition trail despite its failed bid for rival Hardy Underwriting, chief executive Andrew Horton said today.

Hardy snubbed a £171 million offer in December, but undeterred, Horton is looking for smaller companies in the right markets with good underwriting experience.

Beazley looks to be in good health after the firm exceeded City expectations with a 59% jump in pre-tax profits to $250.8 million (£155.7 million) last year.

It also cheered investors with a special dividend, sending shares up 5% or 6p to 125.8p.