Aviva acquires Probitas Holdings

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

Reynolds Porter Chamberlain LLP acted as lead firm on the transaction. The Santamarina and Steta team was led by Aaron Levet, Heriberto Garza y Raziel Celis, who had the support of Mauricio Barraza, in the area of ​​insurance, and Gerardo Prieto, from the transactional team.

The Lloyd's market represents an important source of growth for Aviva, offering access to significant 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 acquisition is subject to various regulatory approvals and is expected to close in mid-2024.