Probitas Managing Agency has announced a strong performance from its managed Syndicate 1492 during the first six months of 2022. The syndicate reduced its net combined ratio from 83.6% to 78.5% and produced an underwriting profit of £17.1 million for the period, compared to the £9.2 million it recorded in the previous half-year.
Gross written premium is now expected to increase from an original plan of £202.5 million to £223.5 million, with a further 22% increase to £271 million planned for 2023.
Probitas’ cyber portfolio opened as planned on July 1 with Richard Taylor at the helm of its cyber and technology team. He continues to focus on complex SME to large single risks as well as building Probitas Labs, which aims to be the market’s centre of excellence for cyber. Probitas Labs will focus on three main areas: cyber research and development, including data analytics, client and vendor services to support clients through a breach, and thought leadership.
Probitas has also received approval by the Belgium regulator of Probitas 1492 (Europe) to operate in Brussels as a mandated underwriter and establish a branch in London, following its establishment of presence in Manchester under the leadership of Lesley Robinson. London-based underwriters have been seconded to the UK branch to ensure continuity of service to London brokers.
“I’m delighted with the continued strong performance of the business during the first half of 2022 and the outlook for 2023,” said Probitas chief executive Ash Bathia. “The business is well-positioned to continue to grow and diversify in its chosen areas of expertise while delivering market-leading underwriting performance.”