Lloyd’s of London has granted Probitas 1492 in principle approval to create a new managing agency, Probitas Managing Agency Limited (PMAL).

The proposed agency will assume the management of Syndicate 1492 from Capita Managing Agency.

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Probitas 1492, a Lloyd’s of London underwriting syndicate, will now seek approval from the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) for the plan.

Probitas 1492 CEO and active underwriter Ash Bathia said: “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.”

Ash added: “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.”

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Between 2001 and 2012, Frank O’Halloran was QBE Group CEO and QBE Managing Agency’s chairman. During his term, the business grew to $17bn across 52 countries.

Saudi Re agreed to acquire a 49.9% stake in Probitas Holdings (Bermuda) in July 2017.

Probitas Holdings (Bermuda) owns 100% of Probitas Corporate Capital, Probitas 1492 Services and Probitas Holdings (UK), removing all of Istmo Re Group’s interest in Probitas.

The deal was wrapped in October 2017 after receiving regulatory nod from both Lloyd’s of London and the Saudi Arabian Monetary Authority.