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 deal closed on July 9, 2024.

The transaction was signed alongside a sale agreement with Probitas management which, following a tripartite negotiation and sale process, sees Aviva, the UK's leading diversified insurer, acquire 100% of Probitas and marks its return to the Lloyd’s market in a significant strategic transaction for the UK-headquartered group.

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.