Probitas has said in its latest results that following a mid-year pre-emption of the 2022 Year of Account, gross written premiums for its Syndicate are expected to increase from an original plan of £202.5m to £223.5m. A further 22% increase to £271m is planned for the 2023 Year of Account.
According to the firm, Syndicate 1492 delivered a net combined ratio of 78.5% and an underwriting profit of £17.1m for H1 2022. Profit before tax was £10.3m after an investment loss of £6.8m. This compares with H1 2021 NCOR of 83.6% with an underwriting profit of £9.2m and neutral impact from investments. The Syndicate achieved an NCOR of 78.7% for the full 2021 GAAP year.
Ash Bathia, chief executive of the firm, said: “I’m delighted with the continued strong performance of the business during the first half of 2022 and the outlook for 2023. The business is well positioned to continue to grow and diversify in its chosen areas of expertise while delivering market leading underwriting performance.”
The firm also referred in its statement accompanying the release to its decision earlier this year to begun underwriting cyber risk. Last month, the firm said it would focus on three main areas: Cyber Research & Development, including data analytics and market platforms; Client & Vendor Services, which will help support clients before, during and after a breach and, lastly, “thought leadership”, the company says. The firm’s head of cyber and technology is Richard Taylor, who was hired into his role in April.
The Syndicate was opened in March of this year, based in Brussels and with a branch office in London. Probitas 1492 (Europe) is a service company and part of the Probitas Group of companies. It is regulated by the FSMA as a mandated underwriter and reinsurance broker, with authority to enter into contracts of (re)insurance on behalf of Lloyd’s Europe in Belgium, in all other EEA jurisdictions via the freedom of services and the UK via Probitas 1492 (Europe) SRL/BV – UK branch in London.
The Belgium office is led by Koen Cambre, head of office and senior underwriter. Koen has held Benelux underwriting manager roles at AIG and Allianz Global Corporate & Specialty SE. He was also a financial lines underwriter at Allianz GC, relationship manager at National Borg NV, and asset management at Lombard International Insurances. In 2004, Koen was a tax consultant at KMPG Tax Consultants specialising in corporate tax.