Probitas 1492 Syndicate Publishes Results

Latest results from Probitas 1492 for you;

Probitas 1492 has delivered a seventh successive year of excellent financial performance, with an undiscounted Net Combined Operating Ratio (NCOR) of 77.9% and UK GAAP pre-tax profit of £62m which represents a 17% increase on 2023.  It is also the fourth consecutive year of delivering a sub 80% NCOR.

Antony Dodson, Chief Underwriting Officer at Probitas, said: 

“2024 was another successful year for Probitas, delivering our best ever result. We’ve outperformed the Lloyd’s market average by more than 12 points of NCOR over the past five years. This is a truly outstanding achievement and a great testament to the resolve, discipline and commitment of the whole team.”

Probitas has made great strategic progress over the past 18 months, including:

• Growing its Australian service company
• Establishing a presence in Canada
• Introducing eight new classes of business, such as Marine (cargo, fine art & specie and ports & terminals), construction, renewable energy, contingency/event cancellation, and mergers.

This progress was delivered against a backdrop of challenging market conditions, particularly in the second half of 2024.

The acquisition by Aviva, in July 2024, has been transformative, with excellent progress on integration and strong collaboration across the business, creating significant synergies.

The continued success of Probitas is built on solid foundations: a fantastic team of people, rigorous underwriting discipline, market leading actuarial and analytics capability and a diverse distribution network, all underpinned by a strong set of values and corporate culture. This has only been strengthened further by the Aviva acquisition.

Ash Bathia, CEO at Probitas, commented:

“We have a unique opportunity to build a world class, market leading combined Probitas and Aviva GCS business founded on quality, service, underwriting focus and performance. With Aviva’s scale and capabilities, we are extremely well positioned for continued success as we move into 2025.”