Specialty lines insurer SVB Holdings has announced a return to underwriting profitability in the first half of the year.
The company reported a pre-tax profit of £1.6m for the six months to June, ...
Specialty lines insurer SVB Holdings has announced a return to underwriting profitability in the first half of the year.
The company reported a pre-tax profit of £1.6m for the six months to June, compared with a loss of £47.3m in the same period last year.
SVB recorded an operating profit of £5m up from a loss of £37.1m. the earnings pe share was 0.6 pence, compared with a loss of 21.3 pence.
The company has also reduced its estimate for losses incurred as a result of the 11 September attacks by £5m to £25m.
Gross written premiums grew to £309.3m from £303.2m last year.
Chief executive Rupert Villers said: "The results for the six months ended 30 June reflect a substantial improvement in SVB's performance and positioning. Our distribution initiatives have transformed the profile of the group and this will become more apparent over time.
"Significant premium rate increases continued into the third quarter. We are confident that these will persist in 2003."
