Probitas 1492 is a Lloyd’s of London underwriting syndicate specializing in property, construction, casualty, financial lines, and cyber insurance and reinsurance, is expanding after its acquisition by Aviva and introducing political violence and terrorism (PVT) and accident/health (A&H) coverage.
Aviva stated that this move aligns with its strategy to strengthen its position as a dual-platform insurer. Existing underwriting leads with dual-stamp capability will handle the new lines, which became available for binding on Feb. 1.
Luke Powis, head of crisis management at Aviva’s global corporate and specialty division, said these additions complete the crisis management offerings available to brokers across both Aviva and Lloyd’s. He emphasized that this expansion broadens market access and enhances insurance solutions for brokers and clients.
The PVT line falls under Aviva’s crisis management division and protects international businesses from risks such as civil unrest, riots, strikes, terrorism, and war.
This complements the existing A&H and contingency coverages already available in the Lloyd’s market.
Aviva reiterated that these new offerings support its goal of becoming a leading dual-platform insurer in the London Market. The company plans to evaluate further underwriting opportunities through Probitas as integration progresses in 2025.
In March 2024, Aviva plc announced its acquisition of Probitas for £242 mn, marking Aviva’s entry into the Lloyd’s market. This acquisition aimed to diversify and expand Aviva’s Global Corporate & Specialty (GCS) footprint.
Following the acquisition, Probitas introduced five new classes of business in November 2024: marine (cargo, fine art and specie, and ports and terminals), construction, renewable energy, contingency/event cancellation, and mergers and acquisitions (M&A). Policies for these lines became available for binding from January 1, 2025.
In January 2024, the syndicate announced plans to establish a service company in Toronto, Canada, aiming to connect more closely with brokers and clients in the region.
Additionally, in September 2023, Probitas received in-principle approval from Lloyd’s to launch a special purpose arrangement (SPA) for the 2024 year of account, named “AdA SPA 2024.” This initiative focuses on developing a diverse portfolio of marine and specialty business.
Through these strategic developments, Probitas 1492 continues to enhance its underwriting capabilities and global reach within the insurance and reinsurance markets.
