SVB Holdings will officially launch its FSA-regulated company, Novae Insurance Company (NIC), on 1 July.

From late May the SVB Holdings brand will be dropped in favour of Novae Group.

NIC and Novae Syndicates will be part of the same group.

The insurer will aim to overhaul its image with a complete rebrand.

It is thought shareholders will approve the move ahead of publication of the group results in May.