SVB Holdings has created a specialist liability service company, Novae Underwriting Ltd, with former PRI co-founder and chief underwriting officer Peter Matson at its head.
It said the new venture, which has already started underwriting, will be launched formally in April.
Novae will write professional indemnity, D&O liability, medical malpractice, general liability and legal expenses on behalf of SVB.
SVB has also appointed Michael Walton as Novae managing director, Michael Metcalfe as finance director and Leo Gibbons as marketing director. Technical director Ian West will join the company in April, said SVB.
Novae will write business for professional practices, the SME sector, trade and professional bodies, not-for-profit organisations, and publicly traded companies.
SVB chief executive Matthew Fosh said: "Novae is the result of a major strategic development for us in the UK liability sector and, over recent months, we have built a market-leading underwriting and management team.
"With our support we anticipate Novae will become a leading force in the SME sector of the UK professional liability market."
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