1st May 2014 13:04
LONDON (Alliance News) - Gable Holdings Inc Thursday said it has been given regulatory approval to underwrite three new classes of motor insurance in the UK, and expects to start doing new business in those areas in the final quarter of 2014.
In a statement, the European non-life insurer said regulatory approval has been received for underwriting land vehicles other than rolling stock, goods in transit, and motor vehicle liability.
"Gable has already received significant demand for niche products in motor from our brokers and producers in the UK where the market size is clearly substantial," Chief Executive William Dewsall said in a statement.
"We anticipate that we will be writing considerable levels of new business across a range of niche areas where we will design bespoke products to satisfy embedded demand from distribution networks in the UK."
"The market size for motor in the UK is enormous and we believe that there are various profitable opportunities available to Gable in this area of the market," Dewsall said.
Gable shares were Thursday quoted at 80.82 pence, up 1.7%.
By Samuel Agini; [email protected]; @samuelagini
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