Development into Spain and France boosts business
Gable Holdings, the insurance and reinsurance provider, saw its pre-tax profits soar to £0.91m in 2008 from £0.51m in 2007, while gross written premium fell slightly to £5.9m from £6m in 2007. Gable’s net assets stood at £9.7m in 2008, up from £9.3m in 2007, while net earned premium rose to £4.2m in 2008 from £4.1m in 2007.
“The increase in profits came from prudent underwriting,” said William Dewsall, chief executive of Gable Holdings. “We are delighted that our profits and earnings per share have both increased by 70% over the past year.”
Gable has also started writing business in Spain and France with a new corporate French broker appointed in June 2009 starting with a €2m of premium programme over the next three months. “Our strategy for 2008 was to develop the business into a European-wide insurance company. Despite difficult trading conditions experienced by our client market in the UK, the combination of our UK, French and Spanish products have enabled us to continue to write a profitable book of business,” said Dewsall.