SVB announces new insurer plan
Lloyd's insurer SVB today announced plans to bring forward proposals designed to achieve its stated strategic aim of establishing and capitalising a new, wholly-owned FSA-regulated insurance company isolated from its damaging legacy underwriting. The company sold its underwriting agency Fusion to Towergate at the end of 2005.
In a statement it said: "The Board has considered a number of options to achieve these aims throughout 2005. Having consulted with the FSA, Lloyd’s, major institutional shareholders and lenders SVBOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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