Gable Holdings, the AIM-listed construction insurance specialist, reported gross written premiums of £6.2m for the year ended 31 December 2006.
It recorded a loss before tax for the year of £0.24m, owing to a “very cautious view on its reserving policy”.
Gable Insurance began writing its first business in late January 2006 offering products to the construction industry in Great Britain and Ireland.
It said it had “strong level of support from a network comprising over 80 brokers (double the number reported at the half year stage) which continues to grow”.
William Dewsall, chief executive of Gable Holdings. said: “Despite competitive market conditions, Gable has performed very well in 2006 writing profitable business in line with our strategy.
“The reported numbers should also be considered in the context of the very cautious view taken with regard to our reserving policy for Gable’s first underwriting account period.