March 14, 2024
Willkie advised Saudi Reinsurance Company on the sale to Aviva plc of its 49.9% shareholding in Probitas, a leading Lloyd’s of London platform with operations in the UK, Europe, Mexico, Australia and Canada.
The transaction was signed alongside a sale agreement with Probitas management which, following a tripartite negotiation and sale process, will see Aviva, the UK's leading diversified insurer, acquire 100% of Probitas and mark its return to the Lloyd’s market in a significant strategic transaction for the UK-headquartered group. Closing of the transaction is subject to customary conditions.
The Willkie team was led by partners Melanie James and Tim Baumgartner, with associates Magdi Adab, Miriam Gott and Alexander Avdzha. The team also included partners Rahul Saha and Jane Scobie and associates Alaric Green and Scott Wallace.
The transaction was signed alongside a sale agreement with Probitas management which, following a tripartite negotiation and sale process, will see Aviva, the UK's leading diversified insurer, acquire 100% of Probitas and mark its return to the Lloyd’s market in a significant strategic transaction for the UK-headquartered group. Closing of the transaction is subject to customary conditions.
The Willkie team was led by partners Melanie James and Tim Baumgartner, with associates Magdi Adab, Miriam Gott and Alexander Avdzha. The team also included partners Rahul Saha and Jane Scobie and associates Alaric Green and Scott Wallace.
