In March, it was reported that Aviva would acquire 100% of Probitas Holdings (Bermuda) Limited. This transaction includes the acquisition of Probitas’ fully integrated Lloyd’s platform, encompassing its Corporate Member, Managing Agent, international distribution entities, and tenancy rights to Syndicate 1492.
Aviva stated that the entry into the Lloyd’s market marks a major source of potential future growth. In a statement, the company said: “This is a key milestone for our Global Corporate & Specialty (GCS) business as we re-enter the Lloyd’s market. The Probitas business, when combined with Aviva’s existing underwriting capabilities, broker relationships and capital base, will enhance Aviva’s service offering and proposition to meet more of our shared customers’ needs.”
Jason Storah, CEO of Aviva UK and Ireland, commented: “I’m delighted to confirm that Probitas is now part of the Aviva Group. Our ability to access the Lloyd’s market represents a significant growth opportunity for us and further enhances our broker and customer proposition. I am also delighted to officially welcome Ash Bathia, CEO of Probitas, to my leadership team. Ash brings with him a wealth of market knowledge, which when combined with our already strong GCS leadership team under Matt Washington, will accelerate the growth of this area of the business. Following positive engagement over the last few months, I’m delighted to formally welcome Probitas into Aviva and bring our businesses together.”
In March, Ash Bathia, CEO of Probitas, said: “I’m delighted to announce this deal today because Aviva is the ideal partner for Probitas going forward and I’m truly excited about the combined opportunities ahead for our business and staff. The success of Probitas is built on solid foundations; a fantastic team of people, rigorous underwriting discipline, market-leading actuarial and analytics capability, and a broad distribution network, all underpinned by a strong set of values and corporate culture. As Probitas embarks on the next stage of its evolution, it was important to find a partner with the financial strength and ambition to allow us to increase our share of the vast global specialty business by using our extensive Lloyd’s licences combined with Aviva’s brand strength, scale, and distribution reach.”
