Reinsurance News

Probitas 1492 gains approval for new managing agency

25th August 2021 - Author: Matt Sheehan

Probitas 1492, an underwriting Syndicate at Lloyd’s of London, has announced that its managing agent, Probitas Managing Agency Limited (PMA), has received all necessary approvals to assume responsibility for Syndicate 1492.

probitas-1492-logoThe management of the Syndicate will now transfer from Capita Managing Agency Limited to PMA on 1st September 2021.

Probitas 1492 gained ‘in principle’ approval from Lloyd’s to establish PMA back in June 2021.

“This is a very significant milestone in our journey and provides us with a strong platform to continue to profitably build our business,” said Ash Bathia, CEO of PMA.

“I would like to take this opportunity to thank Saudi Re, our core equity partner, for their invaluable continued support, Capita Managing Agency for their guidance over the last six years, and, of course, the whole Probitas team, without whom none of this would have been possible.”

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Steven Burns, Chairman of PMA, also commented: “Ash and the Probitas 1492 team have created a growing and high performing business based upon underwriting specialism and excellence, supported by a strong operational model. Probitas has a unique and inspiring culture and a long-term vision to continue to deliver superior growth and returns for our stakeholders.”

Marcus Bale, Chief Operations Officer, who led the team on establishing the Managing Agency, added: “Probitas has assembled a high-calibre team, devised a robust and tailored governance framework and is deploying state of the art technology, to deliver an effective, efficient and sustainable Managing Agency.”

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