SVB Holdings PLC, the specialist insurance and reinsurance group, today announces that it has acquired the business of Credit Indemnity & Financial Services Ltd (CIFS).
CIFS was established by Aon Ltd in 1999 to underwrite trade credit insurance business on behalf of several Lloyd's syndicates, including SVB's Syndicate 1007. CIFS is forecast to write in excess of Ј10 million of trade credit insurance premiums in 2004.
Bob Lilley, managing director of CIFS, said: 'I look forward to developing CIFS within a Lloyd's service company and to being part of SVB's growing SME business.'
Matthew Fosh, chief executive SVB, said: 'SVB has been involved with CIFS since its formation and its acquisition represents a further stage in the development of our distribution initiatives.'
Source: Regulatory News Service
