Probitas does not currently write marine business, although Aviva already has a strong presence in the company marine market.
Howard Potter, Head of Marine at Aviva, told the Insurance Post: “We’re going through the process of putting in the syndicate business forecasts and getting the various sign-offs so the risk codes can be opened for the syndicate.”
The news comes as Aviva is celebrating 200 years of writing marine insurance through the original company, Indemnity Mutual Assurance Company. The company was founded in 1824 and was one of the first marine insurers to open for business following an Act of Parliament which ended the existing monopoly on marine insurance.
Potter commented on Aviva’s roots in the marine segment: “Here we are 200 years later with one of the larger marine cargo books in the London company market. In a lovely example of the circularity of history, with the Probitas syndicate coming into the Aviva family, we’ll build on the company market and go back into Lloyd’s as well, which we are planning to do for marine business from 1 January next year.”
Aviva’s marine book primarily revolves around cargo business, though it does some marine liability, fine art and specie, and ports. The group also started writing terminals business earlier this year.
Potter outlined the company’s ambitions to scale within the sector: “In the company market, we already have a market share well exceeding 10%. With the opportunity we now have with a syndicate platform, that gives us the ability simply to reach parts of the market we couldn’t reach before.”
Potter stated the reason that some marine business was only placed at Lloyd’s was solely down to client and broker choice, as well as the market offering more efficient placement for some risks.
