HSD

Hansard Global PLC

Insurance First-pass screen £71m

330/1000 Overall fit

AI beneficiary 35% 12

Operating leverage 25% 48

Valuation 25% 30

Downside protection 15% 60

First-pass take

Legacy insurance provider with zero AI exposure; experiencing product-mix headwinds despite near-doubling new business (PVNBP £119.3m). Declining underlying profitability (£9.2m vs £12.0m), thin free surplus (£27.9m), material litigation exposure (£13.1m), and ongoing legacy-book run-off.

Flags

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