Liability Risk and Insurance
SVB faces loss
Despite a rise in gross premiums from £295.5mn to £413.7mn,
Lloyd’s syndicate SVB has posted an interim operating loss of £327m. This came chiefly from syndicate 1212 arising from US professional
indemnity business, US directors’ and officers’ insurance, liability reinsurance and direct property, including an expected
£20mn hit from the World Trade Center.