SVB Holdings, the London-listed insurer, has announced steep losses in its results for the six months to June, in line with its August warnings.
Gross premiums written rose 40% to £413.7m from £295.5m during the same period last year. But the balance on the company's technical account dropped to minus £33.7m, from plus £4.5m, and the operating profit slipped from last year's £2.3m to a £37.1m loss.
The losses per share situation worsened to 21.3p from 4.2p and no dividend was paid.
The net tangible asset value per share fell 21.3% to 85.5p from 108.6p.
The company described the results as "very disappointing" and said they had been caused by a poor performance by Syndicate 1212 in four areas: direct property, US professional indemnity business, US directors' and officers' insurance and liability reinsurance.
The company said its interim results had not been affected by the terrorist attacks in the US. It reiterated that it expected its loss as a result of the attacks to be £20m.
