Probitas 1492 to enter split RITC transaction with Enstar

Probitas Managing Agency has signed an agreement with Enstar to undertake a split reinsurance-to-close (RITC) transaction to cover the 2018 and prior year of account exposures of Probitas’s managed Syndicate 1492.

These exposures, previously reinsured to close into the Syndicate’s 2020 year of account, will be assumed by Syndicate 2008, managed by Enstar Managing Agency Limited. Completion of the RITC remains subject to regulatory approvals.

In advance of the RITC, Probitas has entered into a Loss Portfolio Transfer agreement with Syndicate 2008 in respect of the 2020 year of account of Syndicate 1492 for the same business.

Ash Bathia, Probitas’ chief executive officer, said: “We are delighted with the engagement and collaboration with the Enstar team in delivering an innovative and bespoke solution to meet our strategic objectives. This agreement provides greater certainty as we continue to grow and diversify our business profitably.”

Probitas were advised by Tiger Risk and Norton Rose Fulbright.

Probitas 1492 is a Lloyd's underwriting syndicate specialising in property, construction and casualty insurance and reinsurance solutions.