Probitas Continues Strong Performance in 2022, with 86% increase in underwriting profit

Probitas Managing Agency is pleased to announce that its managed Syndicate 1492 has achieved both continued profitable growth during the first 6 months of 2022 and a number of significant strategic milestones.

Syndicate 1492 delivered a net combined ratio of 78.5% and an underwriting profit of £17.1m for H1 2022. Profit before tax was £10.3m after an investment loss of £6.8m. This compares with H1 2021 NCOR of 83.6% with an underwriting profit of £9.2m and neutral impact from investments. The Syndicate achieved an NCOR of 78.7% for the full 2021 GAAP year.

Following a mid-year pre-emption of the 2022 Year of Account,  Gross Written Premium is expected to increase from an original plan of £202.5m to £223.5m.  A further 22% increase to £271m is planned for the 2023 Year of Account.

The Cyber portfolio opened as planned on 1July with Richard Taylor, Head of Cyber & Technology, focusing on complex SME to large single risks and building Probitas Labs, which aims to be the market’s centre of excellence for cyber. The goal is to continually generate fresh insights on risk analysis by developing products, services, and partnerships with industry experts to support and enhance cyber risk transfer within the market. Probitas Labs will focus on three main areas: Cyber Research & Development, including data analytics and market platforms; Client & Vendor Services, which will help support clients before, during and after a breach and, lastly, Thought Leadership.

Following the establishment of a presence in Manchester, led by Lesley Robinson, to develop UK regional business; Probitas also received approval by the Belgium regulator of Probitas 1492 (Europe) to operate/act in Brussels as a Mandated Underwriter and establish its UK branch in London. Probitas 1492 (Europe) took over responsibility for underwriting EEA business from Probitas Managing Agency (effective 1 April 2022) led by Koen Cambre, Head of Office, who is building a Brussels based team while London based underwriters have been seconded to the UK branch to ensure continuity of service to London brokers.

Chief Executive Ash Bathia said ‘I’m delighted with the continued strong performance of the business during the first half of 2022 and the outlook for 2023.  The business is well positioned to continue to grow and diversify in its chosen areas of expertise while delivering market leading underwriting performance.”