SVB has a new chief executive who vows to restore the battered insurer's morale and credibility and raise money for expansion.

Matthew Fosh comes from a non-insurance background, having founded derivative specialist Seagray Fosh Futures. He said he recognised a strong business in the embattled Lloyd's group.

SVB made a first half pre-tax profit of £1.6m, from losing £88.3m after tax last year.

Strapped for cash compared to many of its competitors, it has struggled to increase its underwriting at a time of booming rates.

Fosh said raising new cash was one of his priorities.

He ruled out radical changes to the business mix and said he brought to SVB his experience in managing people rather than expertise in insurance.

He was approached about the job over the summer.

"The perception was that here was a company that wasn't doing well and was demoralised," he said.

"In my judgment there was a good core business that had lost its way."

His priorities would include restoring confidence in SVB's financial strength.

He said he was "comfortable" with the insurer's reserves and would take that message to investors.

He "had no desire to change" Fusion, the group's successful distribution operation.