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SVB freed to write Lloyd's business.
(From Lloyds List)
INSURANCE group SVB has can now write more business at Lloyd's in the longer term, having sold its majority stake in its Lloyd's service company, Fusion Insurance Services, reports James Brewer.
The buyer is Broomco 3881, referred to as Newco, a majority-owned subsidiary of Towergate Underwriting, managed by the existing Fusion team.
The sale values Fusion shares at GBP25m and will generate a cash inflow for SVB of GBP15m before costs. SVB will use the net proceeds as solvency capital in its Lloyd's underwriting business. SVB said the sale resulted in a two-and-a-half times return on its original investment.
The SVB 2006 business plan submitted to Lloyd's ...
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