SVB reports ú817,000 profit for 1998 second half

LONDON - Lloyd's insurer SVB Holdings, which was created from the merger of SVB Associates and Syndicate Capital Trust, yesterday reported pre-tax profits of �817,000 for the six months ending December 31, 1998. For the 1996 year of account, the SVB managed syndicates 1007 and 1212 achieved results of 12% and 12.7% respectively, described by chairman Paul Selway-Swift as "excellent". The group's spread portfolio of syndicate participations achieved an underwriting profit of 7.3% for 1996. Mr Selway-Swift said: "The strategy of the group is clear. We seek to establish a dominant position in those market niches in which we choose to operate. This allows greater influence over price and form."