SVB Holdings received a bid that could lead to the buy-out of the company.

The approach, made on Tuesday afternoon, prompted shares in the company to rise 32%.

SVB operates five syndicates at Lloyd's. The company issued a profits warning in August and said it expected to lose £20m from the terrorist attacks in the US.

Last month, it reported operating losses of £37.1m in the half year ended June 30.

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