Shares in Novae Group began trading on the London Stock Exchange today, after the High Court yesterday sanctioned the SVB Group's scheme of arrangement and the creation of a new holding company.

Under the group's new structure SVB Syndicates, the group's managing agency at Lloyd's, becomes Novae Syndicates.

The group's new FSA-regulated insurance company, due to commence trading in the second half of the year, will be called Novae Insurance Company.

The £103m net proceeds of the rights issue undertaken by Novae Group will be used to capitalise Novae Insurance Company.

Matthew Fosh, chief executive of Novae Group, said: “This restructuring and change of name is about growth, and about moving away from the past. We are now a different business with an exciting future and an executive team with a real hunger to succeed.”

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.