PROBITAS APPROVED FOR MANAGING AGENT LAUNCH

Probitas Managing Agency has been granted all approvals to serve as managing agent of syndicate 1492. The managing agency will assume the management of the syndicate from Capita Managing Agency with effect from September 1. The managing agency was granted Lloyd’s “in-principle” approval in June. It had been expecting the subsequent approval from the Prudential Regulation Authority and the Financial Conduct Authority. Syndicate 1492 underwrites property, construction and casualty re/insurance risks, focusing on high-growth markets. The syndicate reported a profit of £18m ($24.7m) for the calendar-year 2020, up from £7.8m in 2019. “This is a very significant milestone in our journey and provides us with a strong platform to continue to profitably build our business,” said Probitas chief executive, Ash Bathia. Capita has been the managing agent for syndicate 1492 since its formation six years ago.