Lloyd's insurer SVB has revealed it is increasing its reserves for liability losses and expects greater losses for syndicates 575, 1212 and 2147 for 2000.
SVB revealed trading conditions in 2002 have been favourable and the outlook for 2003 is very promising. The insurer will generate £438m in 2003, it said.
Chief executive Matthew Fosh said: "We are pleased to have achieved an increase in SVB's underwriting for 2003.
"We are still dealing with some problems from the past, as is evident in revision to some syndicate forecasts.
"However, we are determined to provide ever more certainty over the company's position, whilst simultaneously putting ourselves in the position to capitalise upon the opportunities which exist now."
