Profits plummet for unrated Gable
Gable reports a loss before tax of £5.4m following setting aside additional reserves.
The unrated insurer, Gable Holdings, has reported a loss before tax of £5.4m (2013: £7.2m) for the year ending December 31 2014.
The Lichtenstein-based insurer set aside £6.3m in reserve in order to reduce the gap between the carried reserve and actuarial best estimate by 45% to £7.5m.
Gable pointed to a change in its reserving strategy explaining that since inception, it used "a consistent approach to calculate reserves in respect of its insurance liabilities at the balance sheet date".
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