Gable posts £24.3m pre-tax loss for 2015 and stops writing new business
Unrated Liechtenstein-based insurer aiming to achieve Solvency II compliance.
Gable Holdings has reported a pre-tax loss of £24.3m for the year ended 31 December 2015, a substantial deterioration on the £5.4m it lost in 2014.
In May it had advised that pre-tax losses were likely to be larger than the anticipated £7-8m and would come in at up to £14m.
No new business
It has now closed to new business.
The company highlighted that the latest deficit includes:
• £7.5m provision to eliminate the remaining balance of the pre-2012 historical reserving gap;
• Increased £7.9m
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