SVB blame stock market conditions for big loss

LONDON - Poor stock market conditions have been blamed by SVB Holdings forwiping out a �2.2m interim operating profit and producing a pre-tax loss of�6.8m. The first six months saw operating profit fall by �0.9m from �3.1mcompared to the same period last year, and the absolute level ofunderwriting was described as disappointing by the company. Core Lloyd'ssyndicates 1007, 1212 and 1241 are continuing to outperform the market and acombined ratio of 89.5% at the 100% ownership level was probably the envy ofcompetitors, declared chief executive Rupert Villers. Capacity managed bySVB will increase from �391m to �455m for 2001.