SVB losses top £110m
Lloyd's insurer SVB reported technical profits of £65.0 million (2003: £68.9 million) and operating profits of £46.7 million (2003: £56.7 million) on its continuing business. However, including discontinued business the insurer's loss before tax was £110m.
The company's combined ratio was also weakened by 3% to 84.8% (2003: 81.2%) after windstorm losses and 2001 and prior year reserve strengthening on Specialty business.The insurer claims there is now a
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