Aviva, a leading insurance company in the UK and Ireland, has completed the acquisition of Probitas, an established player in the Lloyd’s insurance market.
The announcement follows the initial declaration made on 4 March. The acquisition of Probitas by Aviva is seen as a strategic move to enhance Aviva’s growth opportunities and to further strengthen its broker and customer proposition.
The specific financial terms of the deal were not disclosed.
Aviva, headquartered in London, is one of the largest insurance providers in the UK, offering a range of insurance products including life, health, and general insurance. Probitas, on the other hand, operates in the Lloyd’s insurance market, known for underwriting complex and specialist risks.
The inclusion of Probitas into the Aviva Group allows Aviva to access the Lloyd’s market, which is a significant growth opportunity. This strategic move is expected to enhance Aviva’s offerings and expand its market presence.
Aviva’s CEO of UK & Ireland, Jason Storah, expressed his enthusiasm about the acquisition, highlighting the growth opportunities and the strengthened leadership team. “I’m delighted to confirm that Probitas is now part of the Aviva Group. Our ability to access the Lloyd’s market, represents a significant growth opportunity for us and further enhances our broker and customer proposition.
Storah also welcomed Ash Bathia, the CEO of Probitas, to his leadership team. Bathia’s extensive market knowledge, combined with the strong GCS leadership team under Matt Washington, is anticipated to accelerate the growth of this business area.
Storah added, “I am also delighted to officially welcome Ash Bathia, CEO, Probitas to my leadership team. Ash brings with him a wealth of market knowledge, which when combined with our already strong GCS leadership team under Matt Washington, will accelerate the growth of this area of the business.”
Following months of positive engagement, the formal integration of Probitas into Aviva marks a significant step forward for both companies. “Following positive engagement over the last few months, I’m delighted to formally welcome Probitas into Aviva and bring our businesses together,” Storah concluded.
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