Probitas 1492 has announced that Lloyd’s has granted ‘in principle’ approval to establish a new managing agent, Probitas Managing Agency Limited (PMAL).
The agency will assume the management of Syndicate 1492 from Capita Managing Agency Limited.
PMAL will now move on to seeking regulatory approval from the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) and from Lloyd’s.
Ash Bathia, CEO and active underwriter of Probitas 1492, said: “This is another big milestone in our journey towards building a modern, high quality exclusively Lloyd’s focussed business underpinned by underwriting discipline and performance management…”
Bathia added: “I am also delighted to announce that Steven Burns, who has extensive experience and deep knowledge of the Lloyd’s market, has accepted, subject to Regulatory Approval, the position of non-executive chairman designate and Mel Goddard, who also has a long and successful career in the Lloyd’s market, has agreed to join as an independent non-executive director designate.”
“PMAL will be ultimately owned by Probitas Holdings (Bermuda) Limited which is chaired by Frank O’Halloran. I would also like to take this opportunity to thank Saudi Re, our core equity partner, for their continued support and investment in Probitas.”