Probitas 1492 – a Lloyd’s underwriting syndicate specialising in property, construction and casualty insurance and reinsurance solutions has signed a Memorandum of Understanding with Saudi Re to acquire nearly 50% of the Ordinary Shares of its holding company Probitas Holding Bermuda Ltd (PHBL).
Ash Bathia, CEO Probitas, commented that the substantial involvement of Saudi Re in the Probitas syndicate was “consistent with our strategy of building our business in growth markets for Lloyd’s, including Middle East, Latin America and Asia.”
The transaction remains subject to approval by Lloyd’s, the Saudi Arabian Monetary Authority (SAMA) and awaits completion of PHBL’s agreement to purchase all Istmo Re Group interests in Probitas.
The parties have entered into an exclusivity agreement to finalise the transaction documents up to 20th July 2017.
Upon completion of the transaction PHBL will own 100% of Probitas Corporate Capital Limited, Probitas 1492 Services Limited and Probitas Holdings (UK) Limited.
Probitas Syndicate 1492 will maintain underwriting capital of around $135 million to support the 2017 year without receiving a contribution from Istmo Re.