SVB Syndicates Limited (SVBS), the managing agency subsidiary of SVB Holdings PLC, has received permission from Lloyd's to make cash calls on Syndicates 1007, 1241 and 1212 to comply with US Trust Fun ...
SVB Syndicates Limited (SVBS), the managing agency subsidiary of SVB Holdings PLC, has received permission from Lloyd's to make cash calls on Syndicates 1007, 1241 and 1212 to comply with US Trust Fund requirements.
SVB Underwriting Limited's share is £34.3 million. The funds will be obtained by drawing down on SVB's Funds at Lloyd's (FAL) which amount to £156 million in fixed income securities and cash, and Letters of Credit worth £76 million.
The funds are required because the Credit for Reinsurance Trust Fund regulations require gross losses to be funded 100% with US dollar deposits. Credit cannot be granted for recoveries due under the syndicates' own reinsurances. Also, the funding obligation has increased as a result of WTC-related losses.
