SVB's profits jump to #23.8m for 1999

LONDON - Annual profits for the Lloyd's integrated vehicle SVB Holdings soared in 1999 to �23.8m, compared to a �2.31m loss for 1998. SVB was, however, keen to point out that the result included a �13.3m writeoff of negative goodwill and said a profit figure of �10.5m would be more appropriate for future comparisons. The group, which last year merged with fellow Lloyd's vehicle CLM, achieved an effective underwriting profit of �4.4m. It increased its gross written premiums to �327.4m for 1999, from �254.7m in 1998.