Lloyd’s grants ‘in principle’ approval to new managing agency

Probitas 1492 has received ‘in principle’ approval from Lloyd's to establish a new managing agency to assume the management of Syndicate 1492 from Capita Managing Agency.

Probitas Managing Agency (PMAL) will seek regulatory approval from the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) and from Lloyd’s.

The syndicate has appointed Steven Burns to the position of non-executive chairman designate, and Mel Goddard as an independent non-executive director designate.

Burns was the CEO of QBE European operations including QBE Lloyd’s and a member of QBE Group Global Executive from 2000 to 2013. Goddard was director and active underwriter at QBE Managing Agency from 1996 to 2000. She was Lloyd's first female active underwriter. Goddard also served as market liaison and underwriting director at Lloyd’s Market Association from 2006 to 2019.

PMAL will be owned by Probitas Holdings (Bermuda) which is chaired by Frank O’Halloran. O’Halloran is the former CEO of QBE Group and chairman of QBE Managing Agency (2001 to 2012).

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; high calibre data science and analytics capability; a cost effective, efficient and scalable operating model; a robust governance framework and embracing the key principles of the ‘Future at Lloyd’s’ vision.

He 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.

“I would also like to take this opportunity to thank Saudi Re, our core equity partner, for their continued support and investment in Probitas.”