24th Sep 2013 08:46
LONDON (Alliance News) - Non-life insurer Gable Holdings PLC Tuesday said it launched its first product in the Netherlands, worth millions in gross-written premiums per year.
Gable's first product in the Netherlands will see the company provide standard material damage insurance for a selected range of clients in various niche areas in the Netherlands. Gable said the deal would provide an approximate GBP10 million pro-rata annualised gross-written premium. The product launch was agreed with independent Rotterdam-based broker, C.A. van Eijk and Zoon.
Gable also said it appointed Michael Hirschfield as its new finance director. He is a director of Kitwell Consultants Limited which has been the company secretary to Gable Holdings since 2005. He will be supported by new Financial Controller, David Coles, who has an investment banking background, having worked at Morgan Stanley and BNP Paribas. Coles has also worked at Amlin PLC.
Gable announced its plans for the Netherlands launch on September 6 when it reported a 25% increase in half-yearly pretax profits to GBP4 million, saying that the launch would take place before the year is out. Its next target, according to the half-yearly report, is Belgium, having already launched in Italy earlier this year.
Gable has previously said it is interested in furthering its expansion from Europe to the United Arab Emirates, with Dewsall telling Alliance News in early September that it was having "very interesting discussions" there.
Gable shares were Tuesday quoted at 64.5 pence, up 1 pence, or 1.6%.
By Samuel Agini; [email protected]; @samuelagini
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