Saudi Re to buy into Probitas as Istmo Re exits

Middle Eastern reinsurer Saudi Re is set to take a significant
minority position believed to be upwards of 40 percent in Ash
Bathia's Lloyd's start-up Probitas as its failed Panamanian
backer sells out, The Insurance Insider
can reveal.
Istmo Re was the majority owner of Probitas' holding
company, the entity which also owned the corporate member which
supports the underwriting of Syndicate 1492.
Sources said that a memorandum of understanding has now been
signed between the various parties. The