Probitas 1492 has reported a strong financial performance, with a UK GAAP pretax profit of £62 million in 2024, a 17% increase from 2023.
The company’s undiscounted net combined operating ratio (NCOR) for the year was 77.9%, marking the fourth consecutive year of achieving an NCOR below 80%.
“2024 was another successful year for Probitas, delivering our best ever result,” said Antony Dodson, chief underwriting officer at Probitas. “We’ve outperformed the Lloyd’s market average by more than 12 points of NCOR over the past five years.”
Over the past 18 months, Probitas has expanded its strategic initiatives, growing its Australian service company, establishing its operations in Canada and introducing eight new classes of business, including marine (cargo, fine art & specie, and ports & terminals), construction, renewable energy, contingency/event cancellation and mergers. These developments, the company said, took place amid challenging market conditions, particularly in the second half of 2024.
Probitas attributed its success to its team, underwriting discipline, actuarial and analytics capabilities and a broad distribution network.
The acquisition by Aviva in July also played a key role in its transformation, the company said, adding that merger integration has been progressing well and collaboration across the business is creating operational synergies.
The deal between Aviva and Probitas was initially announced in March 2024. Under the deal, Aviva was to acquire Probitas for a guaranteed sum of £242 million. The acquisition included Probitas Managing Agency, which is responsible for managing Lloyd’s Syndicate 1492, Probitas Corporate Capital Limited, and other subsidiary entities.
"We have a unique opportunity to build a world class, market leading combined Probitas and Aviva GCS business founded on quality, service, underwriting focus and performance,” said Ash Bathia, CEO at Probitas. “With Aviva's scale and capabilities, we are extremely well positioned for continued success as we move into 2025."
