Probitas Announces Partnership with Saudi Re
Probitas is delighted to have signed a Memorandum of Understanding with Saudi Re to acquire 49.9% of Ordinary Shares of its holding company Probitas Holding (Bermuda) Ltd ("PHBL"). To finalise the definitive transaction documents the parties have entered in to an exclusivity agreement up to 20th July 2017.
The transaction is subject to approval by both Lloyd’s, the Saudi Arabian Monetary Authority (SAMA) and the completion of the agreement to purchase by PHBL of all Istmo Re Group interests in Probitas.
PHBL will own 100% of Probitas Corporate Capital Limited, Probitas 1492 Services Limited and Probitas Holdings (UK) Limited after the transaction. Probitas Syndicate 1492 will maintain underwriting capital (Funds at Lloyd’s) of around US$135m to support the 2017 year with no contribution from Istmo Re.
Ash Bathia, CEO Probitas, said "The substantial involvement of Saudi Re in the Probitas syndicate is consistent with our strategy of building our business in growth markets for Lloyd's, including Middle East, Latin America and Asia."
Probitas were advised by GC Securities on this transaction.
As a Lloyd's Syndicate, Probitas 1492's financial strength is accredited A+ (Strong) Standard & Poor's; AA- (Very Strong) Fitch; and A (Excellent) A.M Best.