Probitas 1492, an underwriting Syndicate at Lloyd’s of London, has announced plans to establish a new managing agent, Probitas Managing Agency Limited (PMAL) to assume the management of Syndicate 1492 from Capita Managing Agency Limited.
Lloyd’s has granted Probitas 1492 ‘in principle’ approval to establish the new managing agent, PMAL, which, will now move on to seeking regulatory approval from the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) and from Lloyd’s.
Ash Bathia, Chief Executive Officer (CEO) and Active Underwriter of Probitas 1492, said: “This is another big milestone in our journey towards building a modern, high quality exclusively Lloyd’s focussed business underpinned by underwriting discipline and performance management; high calibre data science and analytics capability; a cost effective, efficient and scalable operating model; a robust governance framework and embracing the key principles of the ‘Future at Lloyd’s’ vision.
“I am also delighted to announce that Steven Burns who has extensive experience and deep knowledge of the Lloyd’s market has accepted, subject to Regulatory Approval, the position of non-Executive Chairman Designate and Mel Goddard, who also has a long and successful career in the Lloyd’s market, has agreed to join as an independent non-executive Director Designate.”
Steve Burns is a chartered accountant with more than three decades of experience in the specialist Lloyd’s of London insurance and reinsurance marketplace. He served as the Managing Director of Janson Green and Limit Managing Agencies in 1990’s, CEO of QBE’s European business from 2000 – 2013, including QBE Lloyd’s and a Member of QBE Group Global Executive 2000 – 2013.
Mel Goddard has more than 40 years of experience in the Lloyd’s and London market, 22 of which have been spent as a Lloyd’s underwriter, executive director, and broker. She served as Director and Active Underwriter at QBE Managing Agency from 1996 – 2000, Market Liaison and Underwriting Director at Lloyd’s Market Association from 2006-2019.
“PMAL will be ultimately owned by Probitas Holdings (Bermuda) Limited which is chaired by Frank O’Halloran. I would also like to take this opportunity to thank Saudi Re, our core equity partner, for their continued support and investment in Probitas,” said Bathia.