SVB reborn as Novae, trading begins on Stock Exchange

Shares in Novae Group began trading on the London Stock Exchange today, after the High Court yesterday sanctioned the SVB Group's scheme of arrangement and the creation of a new holding company.

Under the group's new structure SVB Syndicates, the group's managing agency at Lloyd's, becomes Novae Syndicates.

The group's new FSA-regulated insurance company, due to commence trading in the second half of the year, will be called Novae Insurance Company.

The £103m net proceeds of the rights issue undertaken by Novae Group will be used to capitalise Novae Insurance Company.

Matthew Fosh, chief executive of Novae Group, said: “This restructuring and change of name is about growth, and about moving away from the past. We are now a different business with an exciting future and an executive team with a real hunger to succeed.”