17th Aug 2015 07:55
LONDON (Alliance News) - Gable Holdings Inc, a European non-life insurance company, on Monday said it will not ask shareholders for capital when it reports results for the first half as it prepares for the new Solvency II insurance regulations in the European Union.
The AIM-listed company said trading has shown strong growth with claims experience in line with expectations.
Gable issued the update ahead of reporting results for the six months to the end of June on September 10, when it will update shareholders on preparations for Solvency II.
"The company will also be updating shareholders on the company's solvency capital preparations which are advancing well and will not include an approach to the market to raise equity capital," Gable said.
Chief Executive William Dewsall said its solvency capital preparations will be satisfied by "focussing on structured debt and insurance products".
"We expect that the conclusion of this process will leave the business well positioned for its next phase of profitable growth," Dewsall said in a statement.
Gable shares were up 13% at 19.55 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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