20th Nov 2013 09:27
LONDON (Alliance News) - Gable Holdings Inc. Wednesday said its new professional indemnity product in Italy should deliver gross written premiums of EUR7 million per annum.
The non-life insurer with operations across Europe, including the UK, said it has started writing business to provide professional indemnity for the commercial haulage market in Italy.
Policies will generally cover a 12-month period and will cover compliance with all transport regulations relating to losses caused by unprofessional management of the transport company excluding fines and any road traffic incidents.
"This is Gable's first product for the commercial haulier/logistics market in Italy which we believe will deliver high volume, annualised premiums and low loss ratios. We are delighted to be expanding our portfolio of products working with Genoa London Underwriting, our brokers based in Rome, who are very experienced in this arena and we look forward to developing additional bespoke products in this market in due course," Chief Executive William Dewsall said in a statement.
Gable is working with its established partner, Genoa London Underwriting Agency Srl in Rome.
The insurer has been expanding into European insurance markets, having already started selling insurance products in the Netherlands earlier this year and planned a move into Belgium scheduled for later this year.
In September, Dewsall told Alliance News the insurer was having talks in the United Arab Emirates, though there are no firm plans to move into the market at this stage.
Gable shares have risen by over the 50% since December 31, 2012, and were Wednesday quoted at 68.80 pence, up 1.9%.
By Samuel Agini; [email protected]; @samuelagini
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