Aviva completes £249m Probitas buy

Insurer giant Aviva has confirmed that it has today (10 July 2024) completed its £249m purchase of insurance platform Probitas, officially marking the insurer’s entry into the Lloyd’s market.

The deal means that Aviva now owns Probitas’ fully-integrated Lloyd’s platform, as well as has the tenancy rights to Syndicate 1492, which recorded gross written premium (GWP) of £288m and a combined operating ratio of 82% for 2023.

Aviva first announced its plan to purchase Probitas – which focuses on property, construction and casualty insurance and reinsurance – on 4 March 2024.

That same week, when the insurer published its 2023 full-year financial results, Aviva chief executive Amanda Blanc described the transaction as a “fantastic acquisition” that provided the firm with a clear “base to grow”.

She said at the time: “If you look at the syndicate itself from a geographic perspective, the geography is very aligned to Aviva’s geography and then if you look at the product lines, it’s incredibly well aligned to Aviva.

“So, in many respects, we’re able to grow even further in those areas [that] we already know, the geographies that we already understand.”

Targeting growth

With the deal now done and dusted, Aviva’s UK general insurance chief executive, Jason Storah, noted that the addition of Probitas to Aviva’s stable signalled a “significant growth opportunity”.

He 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.”

Storah additionally confirmed that Probitas chief executive Ash Bathia has also joined Aviva’s ranks.

He continued: “I am also delighted to officially welcome Bathia to my leadership team.

“Bathia brings with him a wealth of knowledge in this market, which – when combined with our already strong global, corporate and specialty leadership team under Matt Washington – will accelerate the growth of this area of the business.”