Insights

Aviva’s acquisition of Probitas

Posted 08/03/2024 – Quick takes

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.”

Alpha comment

The deal has been discussed for some time as Aviva has looked to rejoin the Lloyd’s market since 2021 and renewed talks had been reported in summer 2023. Our only involvement with Probitas is through the new Ada syndicate 2024 which commenced as a SPA for the 2024 year of account.

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