Probitas 1492 launching in Mexico

Office will initially provide facultative reinsurance for casualty and property

Probitas 1492 launching in Mexico

Insurance News

By Terry Gangcuangco

Probitas 1492 has become the first syndicate to join the representative office of Lloyd’s in Mexico, with today’s opening of its new location in the capital.

The syndicate’s regional office, which was set up to service the wider Latin America region, will initially provide facultative reinsurance for both casualty and property. Leading the Mexico strategy is Gabriel Anguiano, head of strategy & business development for Latin America, who will spend time between London and Mexico City.

“We’re really excited to be opening the regional office, as part of our continued strategy to get closer to the source of business and further penetrate Latin America,” commented Anguiano. “We see this as a major step in establishing a local presence, with local people, local knowledge, local wordings in the local language. We see our presence in the region as a vital component in providing outstanding levels of service.”

Anguiano joined Probitas 1492 in 2016 after nine years at Lloyd’s of London. He opened the Lloyd’s representative office in 2015 and served as Lloyd’s Mexico country manager.

At the new Probitas 1492 office the core team under Anguiano consists of property underwriters Roberto Gómez and Jocelyn Naranjo, as well as casualty underwriter Lorena Solís. Meanwhile full technical underwriting support will come from London-based chief underwriting officers Jon Foley and Neila Buurman.

“The support we have had from cedents and brokers to date has been very encouraging,” said Anguiano. “The new team is looking forward to continuing to develop and reinforce these relationships.”

Daniel Revilla, Lloyd’s regional head for Latin America and Lloyd’s representative in Mexico, described the country as the largest source of premiums for Lloyd’s in the region, with Mexico accounting for nearly a third of total premiums.

“Having Probitas develop a local presence is fully aligned with Lloyd’s strategy in Latin America,” commented Revilla. “Close proximity to local (re)insurance stakeholders will allow Probitas to conduct business that would not otherwise flow through the Lloyd’s market.”

Lloyd’s Mexico offers the opportunity for the Mexican representatives of Lloyd’s insurers to co-locate in the Lloyd’s general representative office.

“We are delighted to be the first Lloyd’s syndicate to build a local presence in Mexico to service the Latin American markets,” said Probitas 1492 chief executive Ash Bathia. “This is a long-term strategic play for Probitas and underpins the syndicate’s commitment to the region.”

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