William Dewsall paid £400,000 bonus as insurer’s profits doubled

Gable chief executive William Dewsall received a £369,000 pay rise last year, the insurer’s annual report reveals.

Dewsall was paid a total of £855,000 in 2013, up from £486,000 in 2012. His pay last year included a £400,000 base salary and a £100,000 bonus each quarter. He was also paid £55,000 through a share award.

Gable’s pre-tax profit grew by 99% to £11.4m in 2013 on the back of a 63% rise in gross written premium to £58.9m.

Chairman Michael Sofaer said: “This has been a significant year of growth for Gable and follows the formative changes made in the business by our CEO over the last 18 months, which are clearly flowing through and evidenced by the excellent performance at every level of the business.”

Dewsall owns 18.13% of the shares in Gable, which is listed on the AIM market of the London Stock Exchange. Its parent company is incorporated in the Cayman Islands.

Gable writes business through its wholly-owned Liechtenstein-based subsidiary Gable Insurance AG.