11th Nov 2014 08:39
LONDON (Alliance News) - Gable Holdings Inc Tuesday said it has agreed a new business deal in the Danish market expected to deliver about GBP7 million in additional gross written premium per year beginning in 2015.
In a statement, the European non-life insurance company said it inked the deal for a 20% quota share with Barbican Insurance for Gable's Danish property portfolio business.
"We are delighted to be working with such a prestigious trading partner in Barbican and look forward to doing further business together," Chief Executive William Dewsall said in a statement.
"We consider this an important step in securing further business in this exciting area of the market, adding to our growing portfolio of business in Scandinavia which is steadily growing and where Gable has built a reputation for service and quality of product," Dewsall added.
Gable also said Tuesday it has appointed Numis Securities Ltd as its new nominated adviser and broker with immediate effect, a move that ends its arrangements with Panmure Gordon.
Panmure Gordon became Gable's nominated adviser and broker in May 2011, when it replaced Arden Partners PLC, the stockbroker which had performed those duties since its own appointment in September 2007.
According to the London Stock Exchange the nominated adviser, or nomad, is the primary regulator of an AIM company. Applicants seeking approval as nomads are subject to strict rules and requirements in order to ensure they are up to the task.
Gable shares were up 0.9% at 63.56 pence in early trading on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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