Lloyd's Probitas partners with Saudi Re

Lloyd’s syndicate Probitas 1492 said on July 31 that it signed a shareholder agreement with Saudi Re.

According to the statement, Saudi Re is taking a 49.9 percent stake in Probitas Holdings (Bermuda) Limited which will own 100 percent of Probitas Corporate Capital Limited, Probitas 1492 Services Limited and Probitas Holdings (UK) Limited.

This transaction will result in removing all Istmo Re Group’s interest in Probitas, including their small contribution to the 2017 Funds at Lloyd’s.

Final completion of the transaction is subject to certain conditions, the principal of which is regulatory approval from both Lloyd's and the Saudi Arabian Monetary Authority (SAMA).

Probitas specialises in property, construction and casualty insurance and reinsurance solutions.

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