Probitas pleased with 'significant milestone' in new managing agency plan

Probitas Managing Agency (PMA) has gained all necessary approvals to assume responsibility as managing agent of  Probitas 1492, a Lloyd's underwriting syndicate specialising in property, construction and casualty re/insurance.

The management of the Syndicate will transfer from Capita Managing Agency to PMA on September 1, 2021.

Ash Bathia (pictured), the chief executive officer of PMA, described the approval as a "significant milestone" that will enable the company to continue to profitably build its business. "I would like to take this opportunity to thank Saudi Re, our core equity partner, for their invaluable continued support, Capita Managing Agency for their guidance over the last six years, and, of course, the whole Probitas team, without whom none of this would have been possible,” he said.

Steven Burns, chairman of PMA, commented: “Ash and the Probitas 1492 team have created a growing and high performing business based upon underwriting specialism and excellence, supported by a strong operational model. Probitas has a unique and inspiring culture and a long-term vision to continue to deliver superior growth and returns for our stakeholders.”

Marcus Bale, chief operations officer, who led the team on establishing the managing agency, added: “ Probitas has assembled a high-calibre team, devised a robust and tailored governance framework and is deploying state of the art technology, to deliver an effective, efficient and sustainable Managing Agency.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.