The Lloyds syndicate also grew its underwriting profit by 86% from the equivalent period last year

Probitas Managing Agency’s Lloyds of London syndicate – Syndicate 1492 – has achieved a net combined operating ratio (COR) of 78.5% for the first six months of 2022.

Posted today (16 august 2022) in the syndicate’s financial results for H1 2022, this COR represents an improvement from a net COR of 83.6% achieved across H1 2021.

Syndicate 1492 also achieved an underwriting profit of £17.1m in the first half of this year – an 86% increase from a figure of £9.2m in the equivalent period last year.

Profit before tax was £10.3m after an investment loss of £6.8m.

Based on its H1 results, Probitas predicted that its expected gross written premium (GWP) for the 2022 year of account would hit £233.5m – up from an initial prediction of £202.5m. It added that a further 22% increase was planned for 2023, taking the expected GWP figure to £271m.

Probitas 1492 specialises in providing property, construnction and casualty insurance and reinsurance solutions. It underwrites risks across the UK, Europe, the Middle East, Africa, Asia, Latin America and Canada, with a particular focus on high growth markets.

Diversified business

Probitas Managing Agency’s chief executive, Ash Bathia, said: “I’m delighted with the continued strong performance of the business during the first half of 2022 and the outlook for 2023.

“The business is well positioned to continue to grow and diversify in its chosen areas of expertise while delivering market leading underwriting performance.”

Probitas began underwriting cyber lines on 1 July 2022 in an effort to further diversify its business. It has appointed Richard Taylor as its head of cyber and technology to drive the cyber business with a focus on providing cover to complex SMEs and large single risks.