Lloyd's operator SVB sealed a reinsurance deal to protect itself against a claims `black hole' incurred by prior years' underwriting by its main liability operation.
The deal with Everest Re gives ...
Lloyd's operator SVB sealed a reinsurance deal to protect itself against a claims `black hole' incurred by prior years' underwriting by its main liability operation.
The deal with Everest Re gives the group up to £33.4m of cover against growth of net claims incurred by its Syndicate 1212.
The cover begins in 1994 through to 2001 when it was merged into Syndicate 1241, which was itself merged into Syndicate 1247 for the 2003 year of account.
It covers all open and closed years of account.
The policy does not cover the group's other main syndicate, 1007, but SVB chief executive Matthew Fosh said the company was looking for similar cover for Syndicate 1007.
