12th Feb 2015 09:16
LONDON (Alliance News) - Gable Holdings Inc Thursday said it saw strong growth in gross written premiums in 2014, some 35% above the levels seen in 2013, while the company said it has seen a strong trading start to 2015, as expects growth in gross written premiums to continue throughout the year and in 2016.
In a statement, the European non-life insurance company said 2015 started well, with an estimated gross written premium of GBP15 million in January, which includes GBP9 million of new commercial small and medium sized enterprise business, which was introduced to the company via its broker network.
Back in September last year, Gable said reported a drop in its pretax profit for the first half of 2014, to GBP2.5 million, from GBP4 million in 2013, as it opted to set aside an additional risk margin following a property fire claim.
Gable said Thursday that its claims experience in 2014, together with the impact of the weakening euro, means its second half profit for 2014 is unlikely to exceed that recorded for the first half of the year.
"2014 saw an increase in claims activity which has impacted our profitability but I remain pleased that we will still report a creditable result," said Chief Executive William Dewsall in Thursday's statement.
Gable said January 2015 was the strongest single month of new premiums in the company's history, and confidently said it expects that growth to continue throughout the year.
It also said it has commenced the process of putting part of its cash resources, which exceed GBP42 million, to work through a measured investment programme with a specialist advisor.
"The board expects to continue to deliver profitable growth for the foreseeable future. Gable's Solvency II preparations are well advanced and the company remains committed to building capital reserves to prudent levels," the company said in its statement.
The company said it will release its full year results during May.
Gable shares were down 0.4% Thursday morning, trading at 43.10 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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