There will soon be a new managing agency after Lloyd’s gave the green light to what has been described as a “big milestone.”
Probitas 1492 will establish Probitas Managing Agency Limited after assuming the management of Syndicate 1492 from Capita Managing Agency. It has received in principle approval from Lloyd’s and will now look for the final stamp of approval from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
The move also sees a host of big-name arrivals at the firm. Steven Burns, a chartered accountant with more than 30 years of experience in the market, who was CEO of QBE’s European operations from 2000-2013 arrives as non-executive chairman designate. Meanwhile, Mel Goddard, who has more than 40 years’ experience including 22 as Lloyd’s underwriter, executive director, broker also comes on board.
“This is another big milestone in our journey towards building a modern, high quality exclusively Lloyd’s focussed business underpinned by underwriting discipline and performance management; high calibre data science and analytics capability; a cost effective, efficient and scalable operating model; a robust governance framework and embracing the key principles of the ‘Future at Lloyd’s’ vision,” said CEO and active underwriter Ash Bathia.
“I am also delighted to announce that Steven Burns, who has extensive experience and deep knowledge of the Lloyd’s market has accepted, subject to regulatory approval, the position of non-executive chairman designate and Mel Goddard, who also has a long and successful career in the Lloyd’s market, has agreed to join as an independent non-executive director designate.”
Frank O’Halloran, former CEO of QBE Group and chairman of QBE Managing Agency from 2001-2012 will take the reins ultimately as the plan is for Probitas Managing Agency to be owned by Probitas Holdings Limited, of which he is the chair.
