Aviva acquires Probitas Holdings

Santamarina y Steta advised, as a local firm, Aviva PLC, the largest general insurer in the United Kingdom, in the acquisition of Probitas Holdings, Ltd. and its subsidiaries for £242 million. The transaction includes the acquisition of Probitas’s fully-integrated Lloyd’s platform, encompassing its Corporate Member, Managing Agent, international distribution entities and tenancy rights to Syndicate 1492.

Reynolds Porter Chamberlain LLP, acted as lead counsel of the transaction. The Santamarina y Steta team was led by Aarón Levet, Heriberto Garza and Raziel Celis, who were supported by Mauricio Barraza, in insurance, and Gerardo Prieto, from the transactional team.

The Lloyd’s market represents a major source of untapped growth for Aviva, offering access to significant in-appetite premium volumes, international licences and broader distribution networks. It will also allow Aviva to capitalise on its existing underwriting capabilities, broker relationships and capital base. The transaction is subject to customary closing conditions including regulatory approvals and is expected to close in mid-2024.