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Probitas 1492 to enter split RITC transaction with Enstar to cover exposures

5th September 2022 - Author: Kane Wells

Probitas 1492, an underwriting Syndicate at Lloyd’s of London, has announced that its managing agent, Probitas Managing Agency Limited, has signed an agreement with Enstar to undertake a split reinsurance-to-close (RITC) transaction to cover previous account exposures.

probitas-1492-logoSpecifically, the RITC will cover the 2018 and prior years of account exposures of Probitas’s managed Syndicate 1492.

These exposures, previously reinsured to close into the Syndicate’s 2020 year of account, will be assumed by Syndicate 2008, managed by Enstar Managing Agency Limited.

In advance of the RITC, Probitas entered a Loss Portfolio Transfer agreement with Syndicate 2008 in respect of the 2020 year of account of Syndicate 1492 for the same business.

Ash Bathia, Probitas’ Chief Executive Officer, commented, “We are delighted with the engagement and collaboration with the Enstar team in delivering an innovative and bespoke solution to meet our strategic objectives.”

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Bathia added, “This agreement provides greater certainty as we continue to grow and diversify our business profitably.”

Probitas was advised by Tiger Risk and Norton Rose Fulbright on the RITC, its completion remains subject to regulatory approvals.

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