Probitas completes partnership with Saudi Re

Lloyd’s underwriting syndicate Probitas 1492 said on Oct. 9 that it completed a transaction with Saudi Re which removes all of Istmo Re group’s interest in Probitas.

Istmo Compañía de Reaseguros (Istmo Re), the Panama reinsurer had been downgraded to ‘E’ from ‘B’ by AM Best in December 2016 following the intervention of its regulator in Panama, driving Probitas to seek a new backer to replace the capacity provided by Istmo Re.

In July, Probitas said that it signed a shareholder agreement that would see Saudi Re taking a 49.9 percent stake in Probitas Holdings (Bermuda) Limited. Probitas Holdings (Bermuda) Limited owns 100 percent of Probitas Corporate Capital Limited, Probitas 1492 Services Limited and Probitas Holdings (UK) Limited.

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.”

Probitas 1492 specialises in property, construction and casualty insurance and reinsurance solutions. It can underwrite risks across the UK, Europe, the Middle East and Africa, Asia, Latin America and Canada, with a particular focus on high growth markets.

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