Probitas enjoys strong H1, unveils cyber arm and Belgium milestone

Probitas Managing Agency’s Syndicate 1492 enjoyed better profits and solid growth in the first half of the year, as it also unveiled a move into cyber and approval from the regulator in Belgium.

In the first six months of the year, Syndicate 1492 posted a net combined ratio of 78.5%, a big improvement on the 83.6% it posted in the same period a year before. Its underwriting profit was £17.1 million, compared with of £9.2 million a year earlier. Its pre-tax profit was £10.3 million after an investment loss of £6.8 million.

Following a mid-year pre-emption of the 2022 year of account, its gross written premiums are expected to increase from an original plan of £202.5 million to £223.5 million. A further 22% increase to £271m is planned for the 2023 year of account., it said

The business also highlighted some key strategic announcements for the business. In July, it launched a cyber portfolio under Richard Taylor focusing on complex SME to large single risks. He is also tasked with building Probitas Labs, which aims to be a centre of excellence for cyber.

Probitas has also received approval by the Belgium regulator of Probitas 1492 (Europe) to operate/act in Brussels as a Mandated Underwriter and establish its UK branch in London. Probitas 1492 (Europe) took over responsibility for underwriting EEA business from Probitas Managing Agency (effective 1 April 2022).

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.”

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