UK insurance major Aviva has finalised the acquisition of Probitas after receiving all required approvals.  

The £249m deal, announced in March this year, marks Aviva’s re-entry into the Lloyd’s market. 

With the deal, Aviva’s worldwide corporate and speciality division is expected to expand its market reach. 

As per the initial announcement, Probitas’ Lloyd’s platform, which consists of its corporate member, managing agent and global distribution unit, as well as the tenancy rights to Syndicate 1492, are included in the transaction.  

The Probitas brand, along with the company’s existing management team, have been retained. 

In a statement, Probitas said: “The Probitas business, when combined with Aviva’s existing underwriting capabilities, broker relationships and capital base, will enhance Aviva’s service offering and proposition to meet more of our shared customers’ needs.    

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“It also represents a significant growth opportunity now we have increased access to international licences and broader distribution networks.” 

Aviva UK & Ireland CEO Jason Storah said: “I am delighted to confirm that Probitas is now part of the Aviva Group. Our ability to access the Lloyd’s market represents a significant growth opportunity for us and further enhances our broker and customer proposition.” 

In April this year, Aviva completed the acquisition of AIG Life UK in a deal valued at £453m. 

Last month, Aviva outlined its plan for protection business, stating that it intended to maintain important aspects of AIG Life’s business, including its strong partnership distribution and high-net-worth channel.