GWP more than doubles, profits up 68%. New ATE does well
Gable Holdings, which operates inthe UK through Hogarth Underwriting Agencies, announced H1 gross written premium of £8.63m, up 115% last year with pre-tax profit up 68% to £1.33m. It said its UK construction account had grown and its new ATE legal insurance had taken off.
Gable said premium written from business outside of the UK grew to 55% of premium written compared to 38% in the same period last year.
H1 highlights 000s (2009 in brackets)
- Gross written premiums 8,630 (3,997)
- Net earned premiums 6,764 (2,611)
- Total revenue from operations 6,880 (2,660)
- Profit from operations and before taxation 1,332 (792)
- Profit 1,247 (780)
“The increase in premium written in UK construction is very encouraging in that Gable has increased the volume of risks written and has also seen a strengthening in premium rates. UK construction premium is well ahead of performance last year,” the company said.
William Dewsall, chief executive, said: "The first half of 2010 has been a period of consolidating and continuation of the business growth of previous years. All products are performing in their respective markets at or above expectations and we look forward to the second half of the year with much optimism."
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