Lloyd’s underwriting business Probitas is in the process of setting up a Toronto, Canada-based service company.
Robbin Botnick has been appointed to initiate the service company set up, Probitas said in a press release on Wednesday.
“As the insurance landscape continues to evolve in Canada, more than ever, it is critical to connect with brokers and clients on a personal level, to truly understand their businesses and how insurance solutions can support business growth and success,” Botnick said. “Insurers need to be partners, not just capacity providers and Probitas Canada will aspire to be that partner."
The move is in line with Probitas’ strategy to “establish local presence in key geographies”, Probitas chief underwriting officer Antony Dodson said.
Probitas launched its Latin American presence in 2018, when it became the first syndicate to join the representative office of Lloyd’s in Mexico.
It has also built distribution and underwriting platforms in Brussels (EEA), Australia, and Manchester (UK regional).
Probitas is “committed to enhance its offering both locally and to our valued broker partners in London,” Ash Bathia, Probitas CEO, said in the press release.
London-headquartered Probitas 1492 is a Lloyd’s syndicate, focused on international high growth markets.
The Lloyd’s syndicate offers coverage and capacity on a primary and excess basis and has in-house claims expertise.
As of 2022, Canada represented Lloyd’s second largest international market and had experienced the largest compound annual growth rate of any country over the past five years, Lloyd’s Canada president Marc Lipman shared with attendees of Lloyd’s Meet the Market gathering in Toronto.
Lloyd’s Canada saw premium income of $5.35 billion in 2021.
“Canada is number one when it comes to market penetration – Lloyd’s is the number one provider of commercial capacity to the Canadian market, and Canada is the second largest country for us in terms of premium volume after the US,” Lloyd’s commercial director Patrick Tiernan said during a presentation at the event.
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