Profits are also up as the insurer continues to expand

Liechtenstein-based insurer Gable has announced a 43% increase in gross written premium (GWP) to £39m for the first half of 2014.

This is compared to £27.3m for the same period in 2013.

Profit before tax at the insurer was also up, increasing by 23% to £4.9m despite an 11 point increase in the combined operating ratio (COR) to 77%.

Chief executive William Dewsall said the insurer had continued to invest in the business to help capitalise on the growth it had been experiencing.

“Gable has produced a strong performance in the first half and we will continue to benefit from our commercial platform to continue to deliver growth in the second half,” he said. “We have also invested in both people and systems in order to exploit the growing opportunities Gable enjoys in multiple European territories. This provides further evidence of our intentions to grow the business as we meet strong demand for new products.”

Gable has today also announced a £100m capacity deal with underwriting agency Iprism.