Probitas 1492 profit rises 17% in 2024
By Michael Jones
March 14 - (The Insurer) - Probitas 1492 has reported a UK GAAP pre-tax profit of 62 million pounds ($80.2 million) for 2024, an increase of 17% on the prior year.
In a limited results disclosure issued on Thursday, Probitas 1492 disclosed a net combined operating ratio of 77.9% for 2024 – its fourth consecutive sub-80% result.
In 2023, Probitas 1492 reported a net combined operating ratio of 78%, excluding the impacts of foreign exchange and a loss portfolio transfer. Including these, the result was 79.8%.
Probitas chief underwriting officer Antony Dodson said the syndicate's net combined operating ratio had outperformed the Lloyd’s market average by more than 12 percentage points over the past five years.
A Probitas spokesperson said this comparison was based on publicly available Lloyd's results disclosures and Lloyd's syndicate reports and accounts.
