Woman gets top job at Lloyd's

A WOMAN has captured a top job at insurance market Lloyd's of London - still largely a male preserve - at senior level. Barbara Merry will become chief executive of Hardy Underwriting when its founder, Peter Hardy, steps up to chairman next year. The pay package is likely to be £150,000 to £200,000.

Merry, 44 and married, is a Peat Marwick-trained accountant who is well known at Lloyd's, having headed its solvency and reporting division before moving to small underwriting agency Omega.

Hardy said: 'She is well known and respected, very tough, but also an extremely nice person.'

Hardy started by insuring oil rigs, but now handles specialist aviation risks - Eastern European airlines and antique aircraft such as Spitfires. It is an expert on helicopters. It made £2.4m profits last year and has a market value of £30m. Over 23 years, it has averaged an impressive 17.8% net return.

Peter Hardy, 62, said: 'We have always gone for profit rather than size.' He has been building a new team to prepare for his retirement.

Merry said: 'I will seek to grow the business. I am looking forward to it enormously.'