Aviva has now entered the Lloyd’s market following the completion of its swoop for Probitas.
In an update, the British insurance giant said the deal closed at £249 million after it secured all the required approvals. First announced in March, the transaction had an initial price tag of £242 million.
Probitas being owned by Aviva marks the latter’s entry into the Lloyd’s market as part of expanding its global corporate & specialty (GCS) business.
Earlier this year, Aviva noted: “GCS is a key pillar of Aviva’s UK general insurance (GI) business and is a strategic growth segment for the Aviva Group. Additionally, it supports the group’s ambition to accelerate growth in its capital-light business units.
“The Lloyd’s market represents a major source of untapped growth for Aviva, offering access to significant in-appetite premium volumes, international licences, and broader distribution networks. It will also allow Aviva to capitalise on its existing underwriting capabilities, broker relationships, and capital base.”
The insurer added that Probitas’s focus on specialty lines signifies a unique market entry opportunity through a business that is well-aligned with the product, geography, and risk profile strategy of Aviva.
The acquisition spans Probitas’s corporate member, managing agent, international distribution entities, and tenancy rights to Syndicate 1492 at Lloyd’s. In 2023, Syndicate 1492 reported gross written premium of £288 million.
“This acquisition is another step in our strategy to invest in Aviva’s future profitable growth,” group chief executive Amanda Blanc said in March. “Aviva’s presence in the Lloyd’s market opens up new opportunities to accelerate growth in our capital-light general insurance business.”
Under Aviva ownership, Probitas will continue to trade using its existing branding. Its management team will also remain at the helm, running the business post-acquisition with a focus on delivering profitable growth.
Commenting on the completion, Aviva UK&I GI CEO Jason Storah said: “I’m delighted to confirm that Probitas is now part of the Aviva group. Our ability to now access the Lloyd’s market, international licences, and broader distribution networks, represents a significant growth opportunity for us and further enhances our customer proposition.
“I am also delighted to officially welcome Ash Bathia, CEO, Probitas to my leadership team. Ash brings with him a wealth of knowledge in this space of the market, which when combined with our already strong GCS leadership team under Matt Washington will accelerate the growth of this area of the business.”
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