SVB has released plans for a scheme of arrangement, and the formation and capitalisation of a new listed holding company, Novae Group plc.
It will also establish an FSA-authorised limited liability company, NICL, specialising in regional UK commercial lines.
NICL will be funded by a £103.2m rights issue with an issue price of 30p per share.
SVB's share price currently stands at 31.75p, a 13.61% fall on the day's opening price.
Matthew Fosh, SVB chief executive, said: “The formation of a UK insurance company represents a key element of our stated strategy…SVB is now able to grow and develop the top quartile business we have been nurturing during the past three years.”
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
