Unrated insurer wins €7m of new business and names chairman

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Gable Holdings expects to achieve “another year of significant profit growth” in 2013, according to a trading update released today.

The unrated Liechtenstein-based insurer, which writes commercial insurance in the UK and Europe, also announced a €7m business win and a new chairman.  

New business

Gable has been named underwriter of financial surety insurance to the retailers of the Italian government-backed lottery, with anticipated annual gross premiums of €7m. This follows a recent deal to insure French supermarket chain Gifi.

In December last year Gable signed a deal with Towergate Underwriting to provide the MGA with £70m of capacity over five years.

New chairman

The insurer has also named Michael Sofaer as its chairman. He founded hedge fund manager Sofaer Capital in Hong Kong in 1986, and has also worked as a securities analyst for asset management group Schroders.

Gable expects to name a group finance director and an additional non-executive director “in due course”.

Gable will release its half-year results in September.