Probitas 1492 confirms partnership with Saudi Re
Further to the announcement of the signing of the MOU, Probitas are pleased to confirm that the Shareholders Agreement between the two parties has now been signed. 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).
The 49.9% Saudi Re investment will be in Probitas Holdings (Bermuda) Limited which will own 100% 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.
Probitas were advised by GC Securities.