’This acquisition is another step in our strategy to invest in Aviva’s future profitable growth,’ says chief executive

Aviva has revealed that it is entering the Lloyd’s market through the acquisition of insurance platform Probitas.

The deal, which has been valued at £242m, forms part of the insurer’s plan to expand market opportunities for its global corporate and specialty (GCS) business.

The purchase will include Probitas’s fully-integrated Lloyd’s platform and tenancy rights to Syndicate 1492, which reported a gross written premium (GWP) of £288m in 2023.

“This acquisition is another step in our strategy to invest in Aviva’s future profitable growth,” Aviva chief executive Amanda Blanc said.

“Aviva’s presence in the Lloyd’s market opens up new opportunities to accelerate growth in our capital-light general insurance business.”


GCS supports Aviva’s ambition to accelerate growth in its capital-light business units.

The insurer said the Lloyd’s market represented a “major source” of untapped growth for Aviva, offering access to in-appetite premium volumes, international licences and broader distribution networks.

Moving into the marketplace will also allow it to capitalise on its existing underwriting capabilities, broker relationships and capital base.

And given Probitas’s focus on specialty lines, Aviva said the transaction represented a unique opportunity for it to enter the Lloyd’s market via a business that is ”well-aligned with Aviva’s strategy in terms of product, geography and risk profile”.

“This is a fantastic opportunity for both Aviva and Probitas,” Jason Storah, chief executive of Aviva UK and Ireland general insurance, said.

“The Probitas track record, technical expertise and high-quality team will be an excellent addition to Aviva.”


As part of the deal, Aviva aims to provide additional capital to the corporate member in order to sustain Syndicate 1492’s growth trajectory and increase the share of underwriting profits that are retained within the Probitas group.

The Probitas brand will also remain once the transaction is closed, which is expected to happen in mid-2024.

”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 own scale and capabilities,” Storah said.

Ash Bathia, chief executive of Probitas, added: “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”.

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