Insurer's premiums fall to £6.04m

AIM-listed construction insurer Gable has posted 2007 profits of £510,000, up from a pretax loss of £250,000 in 2006.

Its GWP fell 3 per cent from £6.21m to £6.04m. In a statement the company said it remained confident that it was "well placed to meet its expectations for the current year with the addition of new markets in Europe."

The statement added that while the UK construction insurance market continued to be competitive, its board was encouraged by the outlook for 2009.

Chief executive William Dewsall said: "Our renewal book is solid, giving us a strong start to the year and despite the challenging market conditions we remain focused on our core strategy of only writing profitable business."

The company began trading in January 2006.