Reinsurance News
Probitas 1492
Matthew Washington named CEO of Probitas 1492
4th August 2025
Matthew Washington has been appointed CEO of Probitas 1492, a specialist Lloyd’s syndicate focused on property, casualty and specialty re/insurance, owned outright by UK insurer Aviva following its acquisition in mid‑2024. Washington assumes the new role alongside his current position as Managing Director of Aviva's Global Corporate & Specialty (GCS) ... Read the full article
Probitas posts record results in 2024 with NCOR of 77.9%
13th March 2025
Probitas 1492 has achieved its seventh consecutive year of excellent financial performance in 2024, posting an undiscounted Net Combined Operating Ratio (NCOR) of 77.9% and UK GAAP pre-tax profit of £62 million, representing a 17% increase compared to 2023. 2024 also marks the fourth consecutive year of delivering an NCOR below ... Read the full article
Aviva accelerates Probitas integration with launch of two new lines on Lloyd’s market
6th February 2025
Two new lines of business from Aviva’s Global Corporate & Specialty (GCS) division—Political Violence and Terrorism (PVT) and Accident and Health—are now available on the Lloyd’s market through Probitas. This expansion further accelerates Aviva’s GCS business and marks another significant step in the company’s strategic integration of Probitas following its ... Read the full article
Probitas expands with five new business lines after Aviva integration
13th November 2024
Probitas has announced the addition of five new lines of business following its integration with Aviva, including Marine (Cargo, Fine Art & Specie, Ports & Terminals), Construction, Renewable Energy, Contingency/Event Cancellation, and Mergers & Acquisitions (M&A). Aviva completed its £249 million acquisition of Probitas in July 2024, marking its entry ... Read the full article
Aviva completes £249m acquisition of Probitas
10th July 2024
Aviva has completed the acquisition of Probitas Holdings (Bermuda) Limited for a consideration of £249 million, marking the firm’s entry into the Lloyd’s market. If you recall, back in March, it was revealed that Aviva would acquire 100% of Probitas Holdings (Bermuda) Limited, the ultimate holding company of the Probitas ... Read the full article
Saudi Re signs $36m in reinsurance contracts with Probitas
21st March 2024
Saudi Reinsurance Co. has signed reinsurance contracts with Probitas Corporate Capital Ltd, the ultimate holding company of the Probitas Group, with a duration of one year from January 1st, 2024. The estimated gross written premium (GWP) value is SAR 135.03 million, or USD 36 million. Saudi Re expects that these reinsurance contracts ... Read the full article
Aviva to acquire Probitas for £242m
4th March 2024
UK-domiciled insurer Aviva Plc will acquire 100% of Probitas Holdings (Bermuda) Limited, the ultimate holding company of the Probitas Group, for a minimum fixed consideration of £242 million, marking the firm's entry into the Lloyd's market. The transaction includes the acquisition of Probitas’s fully integrated Lloyd’s platform, encompassing its Corporate Member, ... Read the full article
Probitas appoints Robbin Botnick to initiate Canada launch
31st January 2024
Probitas has appointed Robbin Botnick to initiate the process of setting up a Service Company based in Toronto, Canada. According to Probitas, Botnick has a "long history and knowledge of Lloyd’s business" with extensive experience both on the broker and MGA sides. Botnick commented, “I am very excited to continue my insurance ... Read the full article
Probitas 1492 announce the launch of AdA SPA 2024
12th September 2023
Following ‘In Principle’ Lloyd’s approval, Probitas 1492 has announced the launch of “AdA SPA 2024” – a Special Purpose Arrangement (SPA) for the 2024 YOA. The SPA is headed up by ex-Munich Re Syndicate Deputy CUO Natasha Jodrell, who commented, “We are excited to develop an underwriter-led platform, delivering profit across ... Read the full article
Probitas Lloyd’s Syndicate 1492 reports 27% rise in GWP to £234m
1st March 2023
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 ... Read the full article
Probitas 1491 hires Ezeugo Aguta as new head of cyber strategy and innovation
11th October 2022
Probitas 1492 has hired Ezeugo Aguta to be its new head of cyber strategy and innovation. The firm said in a statement that Aguta will spearhead the development of the firm’s technical capabilities. This will, said the company, be accomplished through the establishment of Probitas Labs. Probitas Labs focus on three main ... Read the full article
Probitas 1492 to enter split RITC transaction with Enstar to cover exposures
5th September 2022
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. Specifically, the RITC will cover the 2018 and prior years of account exposures of ... Read the full article
Probitas sees gross written premiums rise quicker than expected
16th August 2022
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 ... Read the full article
Probitas commences underwriting cyber
4th July 2022
Probitas 1492, a Lloyd's underwriting syndicate specialising in property, construction and casualty, will now underwrite cyber. Richard Taylor, its Head of Cyber & Technology, is tasked with focusing the business on cyber risks. He said: “We have spent the past couple of months establishing Cyber as a new line ... Read the full article
Probitas 1492 hires Richard Taylor as Head of Cyber & Technology
25th April 2022
Probitas 1492, an underwriting Syndicate at Lloyd’s of London has appointed former Munich Re Syndicate Limited, Senior Cyber Underwriter - Richard Taylor, to Head of Cyber & Technology. Within his new role at Probitas 1492, Taylor brings over 13 years of experience within the industry. During his time at Munich Re Syndicate ... Read the full article
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