SVB Holdings is thought to have called in investment bank Morgan Stanley to find it a rescue buyer, it was reported yesterday.
This would not surprise the market as SVB has been troubled for some months now.
It was required to deposit £390m for its reinsurance business and £81m for its direct insurance policies in trusts in America to satisfy US regulators it can pay claims. This resulted in dramatically reduced capacity for the syndicate.
Last month its share price plummeted nearly 21% to 32p following cash calls on three of its syndicates.
A company spokesman said the company would not comment on "market rumours" but did add that it could see no reason for the press comment.
Rumour or not, the speculation seemed to be benefitting SVB this morning - its share price rose nearly 3 pence from 26p to 28.6p between 9am and 1pm.
However, at the time of going to press it was falling back to around the 26p mark.
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.
