SVB Holdings has acquired the business of Aon-founded Credit Indemnity & Financial Services (CIFS).
CIFS was set up in 1999 to underwrite trade credit insurance business on behalf of Lloyd's syndicates, including SVB Syndicate 1007, said the specialist insurance and reinsurance group.
SVB said CIFS is forecast to write in excess of £10m trade credit insurance premiums during 2004.
SVB chief executive Matthew Fosh said: “SVB has been involved with CIFS since its formation and its acquisition represents a further stage in the development of our distribution initiatives.”
