SVB boosted its reserves for its discontinued US liability reinsurance.
The move followed poor results for its discontinued operations which contrasted with its continuing operations.
It followed fellow-quoted Lloyd's vehicle Amlin which boosted reserves for US casualty risks for business written from 1997 to 2000.
SVB's Syndicate 575 made a loss for 2000 equivalent to 38% of its capacity of £35m and Syndicate 1212 made a loss equivalent to 34.8% of its capacity of £114.9m.
Both syndicates ceased trading in 2001. Results were within forecasts.
Syndicate 1241, which stopped trading last year, lost 19.2% of its capacity of £60m. This was worse than the range forecast.
But SVB's continuing syndicates showed some positive results.
For 2000, Syndicate 1007 lost 9.8% of its capacity of £150.9m, of which SVB owned 43.6%, and Syndicate 1415, now 2147, made a profit of 4.7% of its capacity of £30m, wholly owned by SVB.
All SVB's syndicates are forecast to make profits of at least 10% for 2002, assuming normal loss patterns.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
