Shares plummet as SVB sets aside £103m
SVB Syndicates is expected to record a small operating loss for the first half of the year following a £103m provision for future claims from discontinued operations. However, it added it expected to post a full year operating profit of £43m. Shares in SVB Holdings fell by up to 25% in the wake of the news this morning.
In a statement the company said: “SVB saw weighted average rate increases of almost 3% in the first seven months of 2004, further building on the favourable rating environment of the preceding twoOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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