SVB Syndicates Limited (SVBS), SVB Holdings plc's managing agency, has released its results for the 1999 Lloyd's year of account, together with forecasts for the 2000 year of account.
It announced that the syndicate results for 1999 were within expectations, and that the WTC loss estimate remained unchanged at approximately £30m.
It said that recent trading conditions had been "strong during a period of unprecedented change in the insurance markets" and that it expected them to remain strong, especially in specialty lines business, in the medium term.
SVB said it is exploring the possibility of a qualifying quota share arrangement to maximise exposure to the favourable markets.
Chief Executive Rupert Villers commented: "We have finished the most difficult and challenging year in the history of SVB. The syndicates have closed the 1999 Lloyd's year of account within our overall range of expectation.
"We have not hesitated to tackle difficult issues including reserving, personnel and the restructuring of operating units and will continue to take whatever steps are necessary for our syndicates to produce superior levels of return."
