Gable posts 99% profit jump in "strongest results to date"

Gable Holdings has reported gross written premiums (GWP) of £58.9m for 2013. This is a jump of 63% from the £36.1m posted in 2012.

The Lichtenstein-based provider increased its profit before tax by 99%, going from £5.7m to £11.4m.

The company also reported a combined operating ratio (COR) of 72%, compared with a 67% COR in 2012.

In its trading outlook, Gable said it was experiencing “very strong trading across all territories”, and also cited numerous new underwriting agreements across European territories including Aon, Arthur J Gallagher International and JLT, as well as other new territories committed for launch during 2014.

UK performance
William Dewsall, Gable chief executive, said he was "delighted" with the growth in GWP during 2013, and highlighted a particularly strong performance from the UK account in both UK construction and commercial combined business.

Dewsall also drew attention to the after the event (ATE) market in the UK, which he claimed "has remained as buoyant as it was during 2012".

Strongest results
On the results overall, Dewsall commented: “On every measure these are our strongest results to date. Gable’s new business levels are growing with significant momentum in the current year and, as a result, we expect to exceed our initial estimates this year by some margin."

He continued: “The awareness of Gable’s brand goes from strength to strength with demand for existing and new products at an all time high. Our growing profitability and financial resources provide a very strong platform to benefit from the growing number of opportunities available in existing and new markets and we plan to open in further markets in the EU during the course of the current year.”

Dewsall listed plans for further major new product launches in new niche motor classes in both Italy and the UK as being in development for launch during the second half of 2014.

“This is Gable’s time, with considerable momentum in the business, increasing market awareness and an enormous range of opportunities for the group, we are once again poised for an extremely strong year ahead,” he concluded.

For all the latest industry news direct to your inbox, sign up for our daily newsletter.