Probitas confirms completion of partnership deal with Saudi Re
Further to the announcement of the new partnership deal earlier this summer, Probitas are pleased to confirm completion of the transaction with Saudi Re. Regulatory approval from both Lloyd's and the Saudi Arabian Monetary Authority (SAMA) has now been finalised.
This transaction removes all of Istmo Re Group’s interest in Probitas.
Ash Bathia, CEO of Probitas 1492, commented:
"This is an exciting chapter in the Probitas story as we look forward to working closely with our new partner Saudi Re. I am immensely grateful to our brokers, clients and business partners for all the support and sponsorship. I am also very proud of the team at Probitas for their outstanding professionalism and commitment as we continue to build our business”.
The 49.9% Saudi Re investment is in Probitas Holdings (Bermuda) Limited which owns 100% of Probitas Corporate Capital Limited, Probitas 1492 Services Limited and Probitas Holdings (UK) Limited.
Probitas were advised by GC Securities.