1st Jul 2016 07:51
LONDON (Alliance News) - Non-life insurer Gable Holdings Inc on Friday said its shares have been suspended pending the publication of its 2015 results as it continues to work on finalising regulatory capital funding and works on its strategic review.
Gable said it is at an advanced stage in securing the GBP10.0 million it said it would raise in May to provide additional regulatory capital. This, it said, continues to factor in a contribution from William Dewsall, its chief executive, albeit on a "significant reduced basis" from the previously announced guarantee he was due to give.
The reduction in the guarantee from Dewsall has been made as Gable said it has determined alternative, third-party structures are available, including reinsurance facilities.
Gable added its strategic review is ongoing and is evaluating potential future business models to ensure it complies with the Solvency II regime. Solvency II is a European Union-wide directive which focuses on the amount of capital European insurers need to hold to reduce the risk of insolvency.
Gable said the review is considering a broad range of options.
"Gable are working with various parties to provide Solvency II solutions for all lines of our business both in the UK and Europe. We will advise our counterparties of the full details of these agreements once finalised," said Dewsall.
In the meantime, shares in the company have been suspended pending the publication of its results for 2015. It expects to publish these in early July.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
GAH.L