Aviva re-enters Lloyd’s market with £242m Probitas acquisition

By Gloria Methri

Aviva has announced the acquisition of Probitas in a £242 million deal, as it looks to expand its presence in the Lloyd’s insurance market. The transaction includes the acquisition of Probitas’s fully integrated Lloyd’s platform, encompassing its Corporate Member, Managing Agent, international distribution entities and tenancy rights to Syndicate 1492.

The Lloyd’s market represents a major source of untapped growth for Aviva, offering access to in-appetite premium volumes, international licences, and broader distribution networks. It will also allow Aviva to capitalise on its existing underwriting capabilities, broker relationships and capital base.

Amanda Blanc, Group Chief Executive Officer of Aviva, said, “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 new opportunities to accelerate growth in our capital-light General Insurance business.”

GCS is a key pillar of Aviva’s UK General Insurance (GI) business and is a strategic growth segment for the Aviva Group. Additionally, it supports the Group’s ambition to accelerate growth in its capital-light business units.

Jason Storah, Chief Executive Officer of Aviva UK & Ireland General Insurance, said, “This is a fantastic opportunity for both Aviva and Probitas. The Probitas track record, technical expertise and high-quality team will be an excellent addition to Aviva. They will continue to run the business post-acquisition and the Probitas brand will remain. We want to preserve their unique, agile culture and support the team to focus on delivering profitable growth that will benefit from leveraging Aviva’s scale and capabilities.”

Ash Bathia, Chief Executive Officer of Probitas, said, “As Probitas embarks on the next stage of its evolution, it was important to find a partner with the financial strength and commitment to enable Probitas to optimise its potential and ambition to significantly scale up and diversify the business and take advantage of a unique opportunity to build one of the most successful and profitable franchises in the Lloyd’s market. I am convinced that Aviva is an ideal partner and I am truly excited about being part of the Aviva Group and the opportunities ahead for our business and staff”.