Lloyd’s of London insurer SVB has rebranded as Novea, as part of ambitious expansion plans, which include the launch of a new underwriting division.
The new brand identity was developed by M Consulting, which was also responsible for insurer’s successful application for operational approval by the Financial Services Authority (FSA), achieved in an unprecedented eight weeks. The process usually takes at least six months.
The Novea brand was premiered in June through corporate communications and press briefings, with a full marketing campaign starting in July – also organised by M Consulting – coinciding with the official launch of the underwriting operation. Novea writes £500 million of insurance business each year, and is described as a ‘top quartile’ insurer.
Mike Walton, MD of Novea’s underwriting subsidiary, says the project required highly specialised knowledge of the insurance market. “It was a phenomenal effort to meet the tight timeframes, and the FSA’s processing of the application in record time was undoubtedly helped by the quality of the plan submitted.”
Steve Manton, chief executive of M Consulting, comments, “Writing business plans is a regular part of our business. It is a good way of capturing a client’s business from an early stage, and is an area of expertise that we have developed.” The agency was previously responsible for the planning and launch of Illium Insurance in 2004.
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