Aviva’s acquisition of Probitas

Aviva has announced its proposed acquisition of Probitas for £242m. The deal will include Aviva taking over the Probitas managing agency along with syndicate 1492 but the Probitas brand is expected to continue. The transaction is expected to complete by the middle of the year.

Probitas CEO Ash Bathia said:

“I’m delighted to announce this deal today because Aviva is the ideal partner for Probitas going forward and I’m truly excited about the combined opportunities ahead for our business and staff. The success of Probitas is built on solid foundations; a fantastic team of people, rigorous underwriting discipline, market leading actuarial and analytics capability and a broad distribution network, all underpinned by a strong set of values and corporate culture. As Probitas embarks on the next stage of its evolution it was important to find a partner with the financial strength and ambition to allow us to increase our share of the vast global specialty business by using our extensive Lloyd’s licences combined with Aviva’s brand strength, scale and distribution reach.”