UK’s leading diversified insurer Aviva has finalized the acquisition of Probitas Holdings (Bermuda) Limited for £249 mn, marking its entry into the Lloyd’s market.
In March, Aviva announced it would acquire 100% of Probitas Holdings, the parent company of the Probitas Group.
The deal includes Probitas’s integrated Lloyd’s platform, covering its Corporate Member, Managing Agent, international distribution entities, and tenancy rights to Syndicate 1492. Aviva sees the Lloyd’s market as a significant growth opportunity.
“This milestone re-enters our Global Corporate & Specialty (GCS) business into the Lloyd’s market. Combining Probitas with Aviva’s underwriting capabilities, broker relationships, and capital base will enhance our service offering,” Aviva stated.
Jason Storah, CEO of Aviva UK & Ireland, expressed his satisfaction with the acquisition, citing the significant growth potential and improved broker and customer propositions.
I’m delighted to confirm that Probitas is now part of the Aviva Group. Our ability to access the Lloyd’s market, represents a significant growth opportunity for us and further enhances our broker and customer proposition
Jason Storah, CEO of Aviva UK & Ireland
Storah welcomed Ash Bathia, CEO of Probitas, to the leadership team. He praised Bathia’s market knowledge and its potential to drive business growth alongside the GCS leadership under Matt Washington.
Bathia also expressed enthusiasm for the deal, highlighting the alignment of Probitas’s strengths with Aviva’s financial resources, brand strength, and distribution reach.
Saudi Re held a 49.9% stake in Probitas Holdings, contributing £123mn to the sale.
As at 31 December 2023, total Group assets under management at Aviva Group were £376 billion and our estimated Solvency II shareholder capital surplus as at 31 March 2024 was £8.5 billion.
by Yana Keller
