SVB bought out the remaining capacity on Syndicate 1241 it did not already own.

The Lloyd's operator bought out 11 remaining investors to own 100% of the syndicate's capacity.

The syndicate will be merged with SVB's other 100%-owned syndicate, 2147, from 1 January.

SVB chief executive Rupert Villers said there would be no changes either to staffing or the business mix as a result of the merger.

"When we own 100% it makes sense to combine them," he said.