Probitas Announces Plans to Establish a New Managing Agency

Probitas 1492 is pleased to announce that Lloyd’s has granted ‘in principle’ approval to establish a new managing agent, Probitas Managing Agency Limited (PMAL) to assume the management of Syndicate 1492 from Capita Managing Agency Limited.

PMAL will now move on to seeking regulatory approval from the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) and from Lloyd’s.

Ash Bathia, CEO and Active Underwriter of Probitas 1492, commented: “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.”

“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.”

Bathia confirms: “PMAL will be ultimately owned by Probitas Holdings (Bermuda) Limited which is chaired by Frank O’Halloran. I would also like to take this opportunity to thank Saudi Re, our core equity partner, for their continued support and investment in Probitas.”

Frank O’Halloran is the former CEO of QBE Group and Chairman of QBE Managing Agency (2001 to 2012). He has built over $17bn of global business in 52 countries

Steven Burns is a Chartered Accountant with over 30 years’ experience in Lloyd’s market. Managing Director of Janson Green and Limit Managing Agencies in 1990’s, Steven has been CEO of QBE European operations (2000-2013) including QBE Lloyd’s and a Member of QBE Group Global Executive (2000-2013). He is highly experienced in all aspects of board and corporate governance from above executive roles and from non-executive roles.

Mel Goddard is an ACII Chartered Insurer with over 40 years’ experience in Lloyd’s and London Market. She has 22 years experience as Lloyd’s Underwriter, Executive Director, Broker. As  Director and Active Underwriter at QBE Managing Agency (1996-2000) Mel was Lloyd’s first female Active Underwriter. With experience as Market Liaison and Underwriting Director at Lloyd’s Market Association (2006-2019), Mel is the Director of her own Consultancy (from 2000 to date) with considerable experience as Non-Executive Director, expert witness and ARIAS panel arbitrator.