Navigating the Deal: Norton Rose Fulbright guides Probitas in £242 Million sale to Aviva

Global law firm Norton Rose Fulbright has played a pivotal role in advising Probitas Holdings (Bermuda) Limited (Probitas) and its management team on the monumental £242 million sale to Aviva plc (Aviva). The transaction marks Aviva's re-entry into the Lloyd's market after more than two decades, signifying a significant development in the insurance sector.

Under the terms of the deal, Aviva will acquire Probitas' fully-integrated Lloyd's platform, including its Corporate Member, Managing Agent, international distribution entities, and tenancy rights to Syndicate 1492. This strategic move positions Aviva for renewed prominence in the Lloyd's market, a return that has been anticipated for over 20 years.

The completion of the transaction is contingent upon customary closing conditions, including regulatory approvals, with expectations set for a mid-2024 closing date. Probitas' management team will retain leadership post-acquisition, ensuring continuity, and the Probitas brand will persist in the industry.

The legal counsel for this significant deal was provided by Norton Rose Fulbright, with Partner Matthew Foster at the helm. The core team included Counsel Victoria Scopes, Senior Associates Oliver Kabongo and David Bartlett, and Associates Siobhain Corr and Rosemary Finn. In addition, Partners Dominic Stuttaford and Matt Findley, along with Associate Ed Spillman, contributed their expertise in tax and employee incentive arrangements.

Partner Matthew Foster expressed delight in assisting Probitas, a long-standing client, on this transformative deal. Norton Rose Fulbright has been advising Probitas since its establishment roughly a decade ago, witnessing and supporting the company's remarkable growth and expansion.

This transaction stands as another triumph for Norton Rose Fulbright's Lloyd’s start-up practice, highlighting the firm's prowess and commitment in the Lloyd's market. Recent successes, such as advising Dale Underwriting Partners on its strategic partnership deal with CVC and working on the innovative Ukrainian grain insurance facility with Ascot and Marsh, further underscore the firm's expertise and versatility.

Norton Rose Fulbright's global insurance team is renowned for advising some of the industry's most prominent participants on crucial corporate, regulatory, and transactional matters. The team's reach extends across key insurance markets worldwide, collaborating with agencies, brokerages, captives, private equity funds, insurers, reinsurers, and self-funded risk organisations. The firm's track record in navigating complex claims, class actions, disputes, and investigations solidifies its position as a trusted partner in the dynamic landscape of the global insurance industry.