Ex-PRI lead underwriter Peter Matson has announced his new joint venture with SVB, Novae Underwriting Ltd.

Novae, a new specialist liability service company, has started underwriting, but will be formally launched in April.

The company is writing professional indemnity, directors' and officers' liability, medical malpractice, general liability and legal expenses business on behalf of SVB.

Novae is targeting professional practices (excluding large, international firms), the SMEs and trade and professional bodies, non-profit organisations, and public companies.

Matson was chief underwriting officer at PRI before moving briefly to Brit Insurance.

He will be joined by former PRI colleague Leo Gibbons, who will be marketing director of Novae.

Michael Walton will be managing director and Michael Metcalfe will be finance director of the new venture.