Aviva completes acquisition of Probitas for £249m

Aviva has completed the acquisition of Probitas Holdings (Bermuda) Limited for £249 million, marking the company’s entry into the Lloyd’s market.

If you recall, in March it was announced that Aviva would acquire 100% of the shares in Probitas Holdings (Bermuda) Limited, the parent company of Probitas Group.

As noted at the time, the transaction includes the acquisition of Probitas’ fully integrated Lloyd’s platform, comprising its corporate member, managing agent, international distribution entities and Syndicate 1492 leasing rights. Aviva noted that the Lloyd’s market represented a major source of untapped growth.

“This is a key milestone for our Global Corporate & Specialty (GCS) business as we re-enter the Lloyd’s market. The Probitas business, combined with Aviva’s existing underwriting capabilities, broker relationships and capital base, will strengthen Aviva’s service offering and proposition to meet a wider range of shared client needs,” the company added.

Jason Storah, CEO of Aviva UK & Ireland, commented: “I am pleased 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 strengthens our broker and client offering.

“I am pleased to formally welcome Ash Bathia, CEO of Probitas, to my leadership team. Ash brings a wealth of market knowledge that, when combined with our already strong GCS leadership team led by Matt Washington, will accelerate the growth of this business.

“Following the positive experiences of the last few months, I am pleased to formally welcome Probitas to Aviva and combine our businesses.”

Ash Bathia, CEO of Probitas, said of the deal back in March: “I am delighted to announce this agreement today as Aviva is the ideal partner for Probitas going forward and I am really excited about the opportunities this creates for our business and employees together.

“Probitas’ success is built on solid foundations: a fantastic team of people, rigorous risk assessment discipline, market-leading actuarial and analytical capabilities, and a broad distribution network. All of this is supported by a strong set of values ​​and corporate culture.

“As Probitas enters the next stage of its evolution, it was important to find a partner with the financial strength and ambition to enable us to grow our share of the vast global specialist business, leveraging our extensive Lloyd’s licences combined with the brand strength, scale and distribution reach of Aviva.”