Aviva re-enters Lloyd’s with £242m Probitas buy

The Lloyds building in London

Aviva has signed up to buy all of Probitas for £242m, signalling a return to the Lloyd’s market.

In 2000, Aviva, then known as Norwich Union, closed its CGNU Global Risks and sold its Lloyd’s managing agency Marlborough to the Berkshire Hathaway Group, following a merger with CGU.

As reported by Insurance Age last year, Aviva has been weighing up a re-entry, believing the historic marketplace could boost its distribution play and bring benefits.

The transaction, scheduled to close in the middle of the year, includes specialist lines-focused Probitas’s fully integrated Lloyd’s platform

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