Log In

Reset Password
BERMUDA | RSS PODCAST

Bermuda’s Probitas agrees terms to join Aviva Plc

First Prev 1 2 Next Last
Ash Bathia, chief executive of Probitas (File photograph)

Probitas Holdings (Bermuda) Ltd is to be acquired by Aviva Plc, the British insurance powerhouse, in a deal having a minimum fixed consideration of £242 million (approximately $307 million).

Probitas Holdings is the ultimate holding company of the Probitas Group.

The transaction includes Probitas Managing Agency, which is the managing agent of Lloyd’s Syndicate 1492, the corporate member Probitas Corporate Capital Ltd and all other subsidiaries.

From a true start-up in October 2015, Probitas said it had grown into one of the best performing Lloyd’s businesses, with a 2021, 2022 and 2023 GAAP net combined operating ratio of 78.7 per cent, 78.6 per cent and 79.8 per cent, respectively.

It added that the 2024 year of account gross written premium of Syndicate 1492 is projected to be around £400 million (approximately $508 million), written across underwriting platforms in London, Manchester, Australia, Europe, Mexico and Canada.

Ash Bathia, the chief executive of Probitas, said: “I’m delighted to announce this deal today because Aviva is the ideal partner for Probitas going forward and I’m truly excited about the combined opportunities ahead for our business and staff.

“The success of Probitas is built on solid foundations; a fantastic team of people; rigorous underwriting discipline; market leading actuarial and analytics capability; and a broad distribution network, all underpinned by a strong set of values and corporate culture.

“As Probitas embarks on the next stage of its evolution it was important to find a partner with the financial strength and ambition to allow us to increase our share of the vast global specialty business by using our extensive Lloyd’s licences combined with Aviva’s brand strength, scale and distribution reach.”

Jason Storah, chief executive, Aviva UK & Ireland General Insurance, said: “This is a fantastic opportunity for both Aviva and Probitas.

“The Probitas track record, technical expertise and high-quality team will be an excellent addition to Aviva.

“They will continue to run the business post-acquisition and the Probitas brand will remain.

“We want to preserve their unique, agile culture and support the team to focus on delivering profitable growth that will benefit from leveraging Aviva’s own scale and capabilities.”

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in mid-2024, Probitas said.

Jason Storah, CEO, Aviva UK & Ireland General Insurance (File photograph)

You must be Registered or to post comment or to vote.

Published March 06, 2024 at 3:59 pm (Updated March 06, 2024 at 8:30 pm)

Bermuda’s Probitas agrees terms to join Aviva Plc

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon