Aviva Plc has agreed to acquire Probitas Holdings for a minimum of £242 million, aiming to enhance its position in the global specialty insurance market.

Target Information

Probitas Holdings (Bermuda) Limited, the ultimate holding company for the Probitas Group, has agreed to be acquired by Aviva Plc for a minimum fixed consideration of £242 million. The transaction encompasses Probitas Managing Agency, the managing agent of Lloyd’s Syndicate 1492, as well as Probitas Corporate Capital Limited and all its subsidiaries.

Since its establishment in October 2015, Probitas has rapidly evolved into one of the top-performing businesses within the Lloyd's market. The company has demonstrated strong performance with Generally Accepted Accounting Principles (GAAP) Net Combined Operating Ratios (NCOR) of 78.7%, 78.6%, and 79.8% for the years 2021, 2022, and 2023, respectively. Furthermore, for the 2024 Year of Account, gross written premiums for Syndicate 1492 are estimated to reach around £400 million, with underwriting activities occurring across London, Manchester, Australia, Europe, Mexico, and Canada.

Industry Overview

The insurance sector in the UK, particularly the specialty insurance market, has experienced significant growth and evolution over the past few years. Driven by increasing demand for tailored insurance products and comprehensive risk