Liechtenstein-based insurer signs underwriting agreement with Lloyd’s broker Kinetic
Gable has signed a deal to underwrite up to £5m of specialist commercial surety bonds in the UK and EU markets.
Under the deal, Liechtenstein-based Gable will underwrite surety bonds placed with it by Lloyd’s broker Kinetic and Kent-based surety bond marketing agent CHJ Management for a year.
Surety bonds cover the risk of one party in a transaction failing to meet its obligation to the other. They are often used to cover building projects.
Gable chief executive William Dewsall said: “We are pleased to be working with Kinetic Insurance Brokers and CHJ Management to underwrite a range of specialist surety products and look forward to further profitable development of this class.”
Kinetic chief executive John Mitchell added: “Kinetic Insurance Brokers Limited in association with CHJ Management are delighted to be working with Gable, whose flexible and experienced approach to underwriting this niche class has been a deciding factor.”