Probitas

Probitas 1492 posts 79.8% CR as GWP rises by 36%

Probitas Syndicate 1492 has posted a profit of £53.3mn ($67.3mn) for the financial year 2023 despite elevated exposure to property catastrophe activity during the year.

Probitas rules out EACOP and West Cumbria coverage

Probitas has confirmed in a statement to an environmental campaign group that it has ruled out providing coverage for two controversial fossil fuel infrastructure projects following a spate of protests at the insurer’s London office.

Aviva decides to buy rather than build but who will be the winners in the M&A casino?

Lloyd’s bullish outlook on the back of its near-record underwriting result in 2023 will have provided further justification for Aviva’s planned re-entry into the Lime Street market.

Aviva’s Blanc: Brokers must “deliver on promises” following Probitas swoop

Aviva has strong growth ambitions for the newly acquired Probitas, with CEO Amanda Blanc highlighting that the deal provides the insurer with an important distribution platform into the Lloyd’s market.

Aviva’s Probitas buy to bolster non-life margins through 2024

Shares in London-listed Aviva were muted in early trading on Monday despite positive analysts commentary after the UK insurer surprised the market with news it would once again build a presence in Lloyd’s through the £242mn acquisition of Probitas.

Aviva enters Lloyd's market with £242mn Probitas deal

Aviva is to acquire Lloyd’s carrier Probitas in a £242mn ($306.8mn) deal which marks the Amanda Blanc-led insurer’s long-anticipated re-entry into the Lloyd’s market.

Probitas continues geographical build-out with Canada launch

Lloyd’s insurer Probitas is to set up a service company in Toronto, Canada under the leadership of Robbin Botnick, in a move the Ash Bathia-led firm said continues its expansion into target geographies.

Probitas 1492 launches SPA for 2024 YoA led by Munich Re Syndicate’s Jodrell

Lloyd’s syndicate Probitas 1492 has launched a special purpose arrangement (SPA) for the 2024 year of account (YoA), led by former Munich Re Syndicate deputy CUO Natasha Jodrell.

Probitas rules out future Adani mine coverage

Climate activist group Coal Action Network has announced that Probitas has ruled out providing insurance for Adani’s Carmichael coal mine and its related infrastructure.

Activists target Lloyd’s insurer Probitas over Adani mine stance

Climate protest group Money Rebellion has staged a “die in” protest at Probitas 1492’s London office as part of an ongoing campaign over the syndicate’s alleged involvement in Adani’s controversial Carmichael coal mine project.

Probitas targets energy transition opportunity as Grainger builds out new team

Probitas is entering its “most exciting phase” as the Lloyd’s insurer prepares to build out its new energy transition team under the leadership of former Munich Re underwriter James Grainger, according to CEO Ash Bathia.

Probitas posts 78.6% CR in 2022 as profit increases to £30.1mn

Probitas 1492 has delivered its fifth successive year of profit with a result before tax of £30.1mn on a GAAP basis and a net combined operating ratio of 78.6 percent in 2022.

Activists target Lloyd’s insurer Probitas over “climate bomb” Adani mine infrastructure

Climate protestor group Coal Action Network today staged a Valentine’s Day-themed protest at three of Probitas’ UK offices as part of an ongoing campaign over the syndicate’s alleged involvement in Adani’s controversial Carmichael coal mine project.

Probitas builds cyber practice with Munich Re’s Aguta

Lloyd’s insurer Probitas 1492 has continued the build-out of its newly established cyber practice with the hire of Munich Re’s Ezeugo (Zugo) Aguta as head of cyber strategy and innovation.

Probitas agrees split RITC with Enstar

Probitas Managing Agency has signed an agreement with Enstar to undertake a split reinsurance-to-close (RITC) transaction to cover the 2018 and prior year of account exposures of Syndicate 1492.

Probitas 1492 targets 22% stamp increase for 2023 following H1 profit surge

Probitas 1492 plans to lift its stamp capacity by 22 percent in 2023 on the back of an 86 percent increase in underwriting profit in the first half of the year, with the Ash Bathia-led Lloyd’s insurer becoming the latest syndicate to add double-digit headroom to its plan for next year.

Probitas commences underwriting cyber with Munich Re’s Taylor

Lloyd’s insurer Probitas 1492 has officially started underwriting cyber business, effective 1 July 2022.

Lloyd’s insurers for sale – what do they reveal about appetite and the cycle?

A raft of Lloyd’s insurers are either formally for sale or are discreetly testing buyer appetite. The Insurer looks at the various processes taking place and examines what the outcomes might reveal about investor enthusiasm for Lloyd’s market exposure, performance “turnaround” management and where we sit in the cycle…

Probitas retains Fenchurch to find new backer

Probitas has appointed Fenchchurch Advisory as sell-side advisor as the Saudi Re-backed top-quartile Lloyd’s insurer explores options to bring in new investors, The Insurer can reveal.

Probitas launches Brussels platform to underwrite EEA business

Probitas 1492 has launched a European unit – Probitas 1492 (Europe) – which will enable the firm to underwrite business in the European Economic Area (EEA).

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