Probitas announces 2022 NCOR of 78.6% and set for profitable growth and diversification

Probitas Syndicate 1492 has delivered its fifth successive year of profit with 2022 GAAP year NCOR of 78.6% and profit before tax of £30.1m. The declared profit is after an additional inflation uplift of 3.4% in net earned reserves and £6.1m of realised/unrealised investment losses.  This is on the back of 2021 profit of £26.1m and NCOR of 78.7%. 

“2022 was a momentous year for Probitas Managing Agency (PMA) since being approved as the managing agent on 1st September 2021” commented Ash Bathia, CEO of PMA. 

Since then, PMA has established a robust compliance and governance framework.  Based on this and the consistent delivery of top quartile underwriting performance, PMA was assessed as an ‘outperforming’ business by Lloyd’s. 

At the same time, Syndicate 1492’s underwriting year gross written premium grew over 27% from £183m in 2021 to £234m in 2022 with a further 16% pre-emption for 2023 to £271m. Probitas Corporate Capital has continued to increase its internal economic interest in Syndicate 1492 and will provide 60% of the capital support for the 2023 year of account.” 

PMA has also continued to deliver on some of its key strategic objectives, including; 

• launch of the cyber portfolio in July 2022, 
• setting up an office in Manchester to develop UK regional business, establishing a service company in Brussels for EEA business and initiated the process of setting up a service company in Australia, 
• successfully migrating and integrating claims and finance functions from outsource arrangements to direct control of PMA, and 
• completed a legacy transaction with Enstar Syndicate 2008 for the 2018 and prior years of account. 

“Our business is extremely well positioned for further profitable growth and diversification against the backdrop of favorable market conditions, positive investment outlook, the strength of PMA’s brand and franchise and a highly motivated team” added Antony Dodson, PMA CUO and Active Underwriter.