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.