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Aviva returns to Lloyd's market with £242m Probitas purchase
(Sharecast News) - Aviva has returned to the Lloyd's insurance market after an absence of two decades with the £242m purchase of underwriting syndicate Probitas. The deal includes the acquisition of Probitas's Lloyd's platform, taking in its corporate member, managing agent, international distribution entities and tenancy rights to Syndicate 1492, Aviva said on Monday.
"This acquisition is another step in our strategy to invest in Aviva's future profitable growth. Aviva's presence in the Lloyd's market opens up new opportunities to accelerate growth in our capital-light General Insurance business," said Aviva chief executive Amanda Blanc.
Probitas provides commercial insurance including professional liability and property catastrophe cover. It reported gross written premium of £288m in 2023 and has delivered a 21% compound annual growth rate since 2019, with an average combined ratio of 82% - a key industry metric. Anything below 100% represents a profit.
Analysts at Jefferies said the deal would be accretive to Aviva's non-life margins.
Reporting by Frank Prenesti for Sharecast.com
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