Shares in Novae Group plc have begun trading on the London Stock Exchange after the High Court sanctioned the SVB Group’s scheme of arrangement and the creation of a new holding company.

The Group and its subsidiary companies have adopted Novae as its new identity.

Under the new group structure SVB Syndicates Limited, the group’s managing agency at Lloyd’s, becomes Novae Syndicates Limited. The group’s new Financial Services Authority’s (FSA) regulated insurance company, due to commence trading in the second half of the year, will be called Novae Insurance Company Limited.

The £103 million net proceeds of the rights issue undertaken by Novae Group plc will be used to capitalise Novae Insurance Company Limited, said the company.

Mathew Fosh, chief executive of Novae Group plc, 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.”