SVB Holdings is to bring forward proposals to establish and capitalise a new, wholly-owned insurance company isolated from its damaging legacy underwriting.
SVB said that having consulted with the FSA, Lloyd's, major institutional shareholders and lenders, it intends to publish detailed proposals by the end of March 2006.
These proposals will include the formation and capitalisation of an FSA-regulated insurance company focused on UK mid-sized commercial risks.
SVB said this will sit alongside the continuing Lloyd's business under a newly incorporated listed holding company established by way of scheme of arrangement.
