SVB takes action on poor performing business

LONDON � Despite what the company called an "unacceptable" performance inits property insurance business, Lloyd�s managing agent SVB achieved anoverall combined ratio of 99.7% on gross premium written of �506.8m. Specialty business which SVB considers its core market produced a combinedratio of 86.1% on gross written premium of �206m. The company said it hadtaken firm action over the areas of its business which had not performed well. SVB�s operating profit for the year was �3.9m, up from �3.3m in 1999. Meanwhile SVB�s revamp of its FUSION unit, which has seen a refocusing on UK regional small and medium sized commercial business, should reap rewards inthe coming year, the company said.