Aviva enters Lloyd's market with £242m Probitas purchase

(Sharecast News) - Aviva has entered the Lloyd's insurance market with the £242m purchase of underwriting syndicate Probitas. The deal includes the acquisition of Probitas's Lloyd's platform, taking in its corporate member, managing agent, international distribution entities and tenancy rights to Syndicate 1492, Aviva said on Monday.

"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 up new opportunities to accelerate growth in our capital-light General Insurance business," said Aviva chief executive Amanda Blanc.

Syndicate 1492 reported gross written premium of £288m in 2023.

Reporting by Frank Prenesti for Sharecast.com