Operating profits for 2003 will be not less than £30m, based on its long-term rate of return, said SVB Holdings after its Lloyd's managing agency produced "highly encouraging" open year forecasts.
Initial forecasts for the managed syndicates in the 2003 year of account are 7.5% to 15% for Syndicate 1007, with a capacity of £151m, and 7.5% to 15% for Syndicate 2147, with a capacity of £286.5m.
For the 2002 year of account, the forecast ranges for SVB's managed syndicates are 12% to 17% for Syndicate 1007, with a capacity of £150.9m; 7% to 12% for Syndicate 1241, with a capacity of £169m; and 9% to 14% for Syndicate 2147, with a capacity of £154m.
Syndicates 547 and 2147, which wrote predominately short-tail accounts both closed the 2001 year of account within previously published ranges.
