Probitas Syndicate 1492 has reported that underwriting year gross written premium grew over 27% from £183m in 2021 to £234m in 2022, with a further 16% pre-emption for 2023 to £271m.
Probitas also announced a 2022 GAAP year NCOR (net combined operating ratio) of 78.6% and profit before tax of £30.1m.
This follows a profit of £26.1m and an NCOR of 78.7% in 2021.
The declared profit is after an additional inflation uplift of 3.4% in net earned reserves and £6.1m of realised/unrealised investment losses.
Ash Bathia, CEO of Probitas Managing Agency (PMA), commented, “2022 was a momentous year for PMA since being approved as the managing agent on 1st September 2021. Since then, PMA has established a robust compliance and governance framework.
“Based on this and the consistent delivery of top-quartile underwriting performance, PMA was assessed as an ‘outperforming’ business by Lloyd’s.
“Probitas Corporate Capital has continued to increase its internal economic interest in Syndicate 1492 and will provide 60% of the capital support for the 2023 year of account.”
Antony Dodson, PMA CUO and Active Underwriter, added, “Our business is extremely well positioned for further profitable growth and diversification against the backdrop of favourable market conditions, positive investment outlook, the strength of PMA’s brand and franchise and a highly motivated team.”
PMA continued to deliver on its key strategic objectives in 2022, such as the launch of the cyber portfolio in July, setting up an office in Manchester to develop UK regional business, establishing a service company in Brussels for EEA business, and initiating the process of setting up a service company in Australia.
PMA also successfully migrated and integrated claims and finance functions from outsource arrangements to direct control of PMA and completed a legacy transaction with Enstar Syndicate 2008 for the 2018 and prior years of account.
