Underwriting agency Verve Risk Services has launched Verve Financial Institutions, which will offer financial lines products covering banks, stock exchanges, alternative lenders and asset managers for SME to mid-market financial institutions. It is backed fully by Lloyd’s capacity.

Steve Redding will lead the new division and is joined by Beth Convey as senior underwriter, Charlotte Flook as underwriter and Aaron Jones as assistant underwriter. They all worked together previously.

Scott Simmons, director at Verve, said: “On the eve of our 10th anniversary, this is an important milestone in the growth of Verve. Steve and the team are a significant addition to the business, bringing us established global mid-market expertise and appetite that will further strengthen our brand.”

He added: “Attracting such a respected and experienced financial institutions underwriting team is evidence of our commitment to providing the tools and support to help underwriters build sustainable and profitable books of business.”

Redding said: “Verve is an underwriting focused business, built for underwriters, by underwriters. We are very much aligned with the business’s core values.”

Verve was established in 2016 as an underwriting cell of Castel Underwriting Agencies Limited. The team completed a management buyout in 2023 with investment from BP Marsh and Partners Plc.