Specialist professional indemnity (PI) underwriting agency, PI Direct, has completed a management buyout (MBO) of SVB's and Brit's minority interests.
The MBO means PI Direct is now 100% owned by its management and staff.
SVB's sale of its interest falls in line with its new capital raising strategy, which was announced after last month's annual results statement.
SVB Holdings CEO Matthew Fosh said: "SVB has been involved with the company from the beginning, and PI Direct has developed into an established underwriting operation. We are now pleased to realise a return on our initial investment.
"Overall our distribution initiatives continue to grow strongly, in particular Fusion Insurance Services Limited which is scheduled to write £100m of premium income in 2003."
PI Direct's capacity is now 100% supplied by Hiscox.
Brit CEO Neil Eckert said: "This transaction is part of the continuing process to rationalise and focus Brit's portfolio of insurance investments. PI Direct has performed well and we wish the management the best for the future".
