25th Jun 2014 11:47
LONDON (Alliance News) - Gable Holdings Inc's trading performance in the year-to-date has been "very strong," said Chief Executive William Dewsall in a statement ahead of the non-life insurer's annual general meeting Wednesday, as the group expects a year of significant growth across each of its European territories.
Gable's last financial year was marked by its pretax profit growing to GBP7.2 million, from GBP5.7 million, amidst its expansion into Italy and the Netherlands. The company has also broadened its product range, and in May received regulatory approval to underwrite three motor insurance classes in the UK market.
On Wednesday, Gable highlighted the UK, France, Scandinavia and Italy as territories where it expects particularly significant growth in the year.
In addition, Gable said it has inked a new deal with Precision Underwriting (Ireland) Ltd, which writes commercial business across a range of sectors in Eire and Northern Ireland.
"This represents our tenth new European territory and it is clear that the economic indicators demonstrate an improving market for businesses operating there. Precision works with a large number of supporting brokers and is seeing increasing levels of activity as economics conditions continue to improve," Dewsall will tell shareholders.
Gable shares were Wednesday quoted at 82.00 pence, down 2.4%.
By Samuel Agini; [email protected]; @samuelagini
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