23rd Mar 2015 10:24
LONDON (Alliance News) - Non-life insurer Gable Holdings Inc Monday said it has signed an agreement covering Italian domestic third-party motor liability commercial fleet accounts for Movinsure, an Italian underwriter.
Gable said its underwriting programme has a fully-qualifying quote share with a panel of insurers, which includes Qatar Re, the Qatar-based reinsurance company. Gable said the new capacity is expected to deliver an initial EUR10 million in gross written premiums per year to the company and is anticipated to be the first stage of a substantial annual programme.
The deal will run for five years and will be administered in London by Robert Fleming Insurance Brokers.
"Gable's agreement with Movinsure and our quota share with Qatar Re marks a major movement in new business for Gable in the Italian market. We have been very impressed with Movinsure, particularly its strategy to provide high service levels to selective major accounts in the Italian commercial motor fleet market in a segment of that major market which is consistently profitable," said William Dewsall, chief executive of Gable.
Shares in Gable were up 5.7% to 45.965 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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