SVB Syndicates Ltd

Current Syndicates - 1007, 1212, 1241
Other Syndicates of Interest

26 March 2002SVB seeks rescue buyer
SVB Holdings is understood to have called in Morgan Stanley to find a rescue buyer for the business.

SVB is believed to be prepared to strike a deal at the group's net asset value of around £97M or 50p per share - almost double the current share price of 26p.

Bankers say that SVB needs to pull off a deal to strengthen its capital position. The company has been asked to deposit £390M for its reinsurance business and £81M for its direct insurance policies in trusts in America to satisfy US regulators that it can pay claims. As a result the insurer's underwriting capacity for this year has been drastically cut back.

Brit Insurance Holdings is thought to have made an informal approach to SVB last year but was rebuffed. Brit is now understood to be concentrating on writing higher levels of new business after raising £115M in new capital through a share and loan issue last year.

SVB was once one of the highest-rated Lloyd's insurance vehicles and was valued at close to £350m last year. The share price has plummeted since last August when the company was forced to make a profits warning. SVB confirmed that it would make a loss in 2001 after the company was hit by a spate of claims on directors' and officers' insurance, professional indemnity and commercial property policies in America.

SVB, which is a specialist in directors' and officers' insurance, has also been hit by a £30m exposure to the terrorist attacks on 11th September.
14 July 1999New Chairman for SVB
With effect from 22nd June, Colin Spreckley was appointed Chairman, replacing Bill Davies who will remain on the Board as a non-executive Director.
26 March 1999Syndicate 1007 appoints New Underwriters
SVB Syndicates Limited announces that, subject to Lloyd's approval, Alan Hicks and Mark Webster, currently joint Deputy Underwriters, will be appointed joint Active Underwriters of Syndicate 1007, with effect from 1st January 2000. Jonathan Butcher will be appointed Deputy Underwriter and the current Active Underwriter, Rupert Villers, will step down at the end of 1999 to take up his new position as Chief Executive of SVB Holdings Plc.

 
 

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