Liechtenstein-based insurer will start writing business in Q4 2014
Gable has received regulatory approval to underwrite new motor business in the UK.
The Liechtenstein-based insurer will now be able to write land vehicles (other than rolling stock), goods in transit and motor vehicle liability business.
Gable, which provides underwriting capacity to Towergate, expects to start writing policies in the final quarter of 2014.
Chief executive William Dewsall said: “We are delighted to advise the market that we have been approved in classes 3, 7 and 10 (land vehicles, goods in transit and motor vehicle liability) in the UK market. Gable has already received significant demand for niche products in motor from our brokers and producers in the UK where the market size is clearly substantial.
“We anticipate that we will be writing considerable levels of new business across a range of niche areas, where we will design bespoke products to satisfy embedded demand from distribution networks in the UK. The market size for motor in the UK is enormous, and we believe that there are various profitable opportunities available to Gable in this area of the market.”