Probitas posts record results in 2024 with NCOR of 77.9%

Probitas 1492 has achieved its seventh consecutive year of excellent financial performance in 2024, posting an undiscounted Net Combined Operating Ratio (NCOR) of 77.9% and UK GAAP pre-tax profit of £62 million, representing a 17% increase compared to 2023.

2024 also marks the fourth consecutive year of delivering an NCOR below 80%.

Antony Dodson, Chief Underwriting Officer at Probitas, said, “2024 was another successful year for Probitas, delivering our best ever result. We’ve outperformed the Lloyd’s market average by more than 12 points of NCOR over the past five years. This is a truly outstanding achievement and a great testament to the resolve, discipline and commitment of the whole team.”

In the last 18 months, Probitas has expanded its Australian service company and established a presence in Canada. It has also introduced eight new classes of business, including Marine (cargo, fine art & specie, and ports & terminals), construction, renewable energy, contingency/event cancellation, and Mergers & Acquisitions (M&A) in November 2024.

This progress has been achieved despite challenging market conditions, particularly in the second half of 2024.

The acquisition by Aviva in July 2024 has been transformative, with excellent progress on integration and strong collaboration across the business, creating significant synergies.

Ash Bathia, CEO of Probitas, commented, “We have a unique opportunity to build a world class, market leading combined Probitas and Aviva GCS business founded on quality, service, underwriting focus and performance. With Aviva’s scale and capabilities, we are extremely well positioned for continued success as we move into 2025.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.