Final Results

19 May 2014

Gable Holdings Inc.

("Gable", "the Company" or "the Group")

Final Results

Gable (AIM: GAH), the European non-life insurance company, announces consolidated final results for the year ended 31 December 2013. The Preliminary Statement of Results is set out below and the Report and Accounts will be posted to shareholders in due course.

Highlights

Business Overview 2013

· Record Gross Written and Earned Premiums achieved in 2013 increased 63% with particularly strong performance in UK, France, Denmark, Norway and Italy from organic growth and new products

· European regulatory approval for three new insurance classes: 3 (land vehicles other than rolling stock), 7 (goods in transit) and 10 (motor vehicle liability) motor classes

· Underlying insurance result increased 71%

· Underlying profit before tax up 99% to £11.4m

· Combined Operating Ratio of 72%

· Successful equity placing raising £10.7m

· Cash resources at period end of £27.0m

Current Trading and Outlook

· Very strong trading across all territories

· UK regulatory approval for motor classes 3, 7 and 10

· Numerous new underwriting agreements across European territories including Aon, Arthur J. Gallagher International and JLT

· Other new territories committed for launch during 2014

Commenting, William Dewsall, Chief Executive, said:

"On every measure these are our strongest results to date. Gable's new business levels are growing with significant momentum in the current year and, as a result, we expect to exceed our initial estimates this year by some margin. The awareness of Gable's brand goes from strength to strength with demand for existing and new products at an all time high. Our growing profitability and financial resources provide a very strong platform to benefit from the growing number of opportunities available in existing and new markets and we plan to open in further markets in the EU during the course of the current year.

"We are also implementing plans for further major new product launches in new niche motor classes in both Italy and the UK where we have already selected distribution partners with significant demand for our bespoke products which are currently in development for launch during the second half of 2014. This is Gable's time, with considerable momentum in the business, increasing market awareness and an enormous range of opportunities for the Group, we are once again poised for an extremely strong year ahead."

Enquiries:

About Gable Holdings Inc

Gable is a European non-life insurance company underwriting a comprehensive range of specialist policies for the commercial sectors in Denmark, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the UK. Gable benefits from a low-cost online underwriting platform and the Company has continued to successfully grow its business geographically whilst simultaneously exploiting a range of niche insurance segments which exist across the EU. Gable Holdings Inc. is quoted on the London Stock Exchange's AIM market (ticker: GAH.L GAH.LN). For further information please visit www.gableholdings.com.

Preliminary Statement of Results

CHAIRMAN'S STATEMENT

This has been a significant year of growth for Gable and follows the formative changes made in the business by our CEO over the last 18 months which are clearly flowing through and evidenced by the excellent performance at every level of the business.

Gable is very well positioned for continued growth with a number of new opportunities available to the Group, expanding its product portfolio and further new country launches in the EU where we are receiving increasing demand for bespoke products in some very substantial markets.

I am delighted to say that the Company enjoys a very positive working relationship with its primary Regulator the FMA and Gable benefits from a very healthy financial position with a robust balance sheet and strengthening reserves and solvency position.

It only leaves me to commend everyone working on the team for their hard work, diligence and enthusiasm over the last year and know that we at Gable look forward to 2014 with confidence.

Michael SofaerChairman

19 May 2014

CHIEF EXECUTIVE'S REVIEW

The results for 2013 represent the strongest performance in the Company's history. Gable has progressed on a number of fronts, expanding its wholesale network in existing and new territories during the last twelve months servicing unprecedented demand across each of our product categories. Gable now writes business in 9 European countries, providing a range of products through its wholesale network of selected brokers in each jurisdiction.

We were delighted with the level of growth in gross written premiums during 2013 with particularly strong performance from the UK account in both UK construction and commercial combined business. France also continues to perform well, particularly in its property sector, alongside very robust growth in both Norway where Gable has an increasing commercial footprint and most recently, Denmark where we launched our first product in 2012 Italy is performing particularly well and exceeding our initial expectations.

As we progressed through 2013 it was clear that the Group was benefitting from the substantial work carried out during the prior year and early part of 2013, building on the Group's distribution network and expanding product range. This work was carried on during the year, steadily and prudently building Gable's platform for continued growth in new business. In October 2013 we also concluded Gable's first fund raising since joining AIM in 2005, with a Placing of new shares with new and existing institutional and private shareholders which raised £10.7 million of new capital (before expenses) which was employed to increase the Group's solvency capital in order to capitalise on new growth opportunities. These funds left the Company with £27.0 million of cash at the year end.

During 2013 the Company experienced strong growth both organic, as a result of initiatives announced in 2012 and early 2013 and from the continued expansion of its product range and geographical coverage, increasing the number of countries in which the Company writes business to include new product launches in both Italy and the Netherlands where the Company is establishing its presence for the first time.

During 2013 Gabledelivered growth both in its existing countries of operation where it has gained increasing levels of recognition in France, Germany, Denmark, Norway, Italy and the UK alongside launches of new products in existing and new markets in Europe as can be seen from the table below:

*a French insurance policy for building defects in a new builder renovated French property

The After The Event ('ATE') market in the UK has remained as buoyant as it was during 2012. Classically, we see this business as short tail in nature and we continue to benefit from some considerable upside from on-going cases in this area. We also remain focused purely on commercial ATE and not personal injury, and we maintain a highly selective, case-by-case risk analysis when writing this class of business. The Jackson reforms which were introduced in to the UK market in 2013 will also have a beneficial effect on our future ATE results.

In December 2013 Gable also announced that the Company had received regulatory approval in all its European territories to underwrite Classes 3, 7 and 10 insurance classes and that it would initially focus on Italy for the launch of its first new product in the motor segment after considerable demand from brokers for niche bespoke products for the Italian market. This was a significant step in the Company's development in the future and the Board anticipates that it will allow the Company to meet the enormous demand for tailored products in these new classes.

As a niche provider operating from a highly efficient cost base we continue to remain highly selective in the quality of business that we write, with a prudent approach to managing risk and an unstinting philosophy of writing only profitable business which is borne out by the on-going strength of our key performance indicators and ratios as outlined below:

* Underlying Insurance result and Underlying Profit before taxation represent the net insurance result and profit before tax respectively before the addition of an explicit risk margin to the reserves. Please refer to Reserving Policy below.

In addition, I am delighted with the quality and growth of our distribution network across a range of regulated brokers in the UK and Europe and we continue to build on Gable's expanding European network as we enter each new country market. Gable's reputation for delivering service across a range of niche products continues to grow as we expand our product range to meet customers' requirements.

Gable enjoys very strong support from its reinsurance partners and we will continue to enhance our relationships in this area in line with the growth in the business as it is appropriate to do so. We have an excellent reinsurance panel in line with the prudent risk strategy employed by the Gable management team and the growth and spread of business that is written.

As always we remain prudent in our approach to the management of both the risks in the business and the underlying cost base where Gable's non-insurance based operating costs are tightly controlled.

Reserving Policy

In keeping with best practice, the Group continues to obtain an independent actuarial assessment of the reserves of GIAG, conducted by Grant Thornton, which has provided a "best estimate" and a range of possible level of reserves either side of this estimate using market level benchmark data. As such this review can never fully capture the impact of the Group's niche underwriting strategy, tight policy wording and the beneficial impact of Gable's efficient claim handling process.

It is also worth noting that Gable's claims reserving policy continues to accurately reflect the results of its claims, as demonstrated by the consistent track record over the last five years. The Board has always been satisfied as to the adequacy of its reserves differentiating between the niche underwriting strategy of the Group and the estimates derived from market level benchmarks. Accordingly, the Board has historically targeted claims reserves which have been below the independent actuary's best estimate, but within their range. Indeed, over the last five years settlements have generally been below the case reserves, which further serves to demonstrate that our niche underwriting strategy outperforms the market as a whole.

Despite this, the application of market based actuarial metrics, not reflective of our underwriting strategy, continues to produce an independent actuary's 'best estimate' which does not match our own. Nevertheless, we have taken on board the counsel from a variety of stakeholders and have strengthened our booked reserve through the application of an explicit reserving risk margin. At the same time we have seen a reduction in Grant Thornton's projected ultimate claims in respect of prior underwriting years. This has started to give rise to a convergence of our internal and external 'best estimates'. As we generate more historical data for the classes of business we write and the actuarial projections therefore place increasing weight to our own data rather than that of the market as a whole, we would expect the remaining difference to reduce to zero by 31 December 2015. The strengthening of reserves by management does not reflect a change in view of management's ultimate expectation of the outturn, rather it reflects an approach designed to build in a margin reflecting a more prudent approach to reserving risk. We are, and will remain, within the range produced by the independent actuaries. We would therefore expect that over time, as actuarial reviews are able to factor in more of our historical track record, that we would release this margin. We will of course continue to closely monitor our resulting reserves and will consider releasing excess provisions if the Board, having taken appropriate advice, judge the reserves to have become excessively prudent.

Results

For the year ended 31 December 2013, underlying net insurance profit was £16.1 million with a net insurance profit after additional reserve set aside of £11.9 million (2012: £9.4 million) on Gross Written Premiums which were 63.5 per cent higher at £58.9 million (2012: £36.0 million). Underlying profit before tax was £11.4 million with profit before tax after additional reserve set aside of £7.2 million (2012: £5.7 million) giving earnings per share of 8.51p on an underlying basis and 5.39p after additional reserve set aside (2012: 4.32p).

Dividend Policy

It is the Board's firm belief that shareholders' interests are currently better served if the Company retains earnings to provide solvency capital for the anticipated growth. The Board will continue to review this dividend policy as it is appropriate for the business and its shareholders.

Board

Gable recently announced the appointment of Jost Pilgrim as Non-Executive Director who replaces Lucas Slob who has stepped down from the Board to pursue other business interests. We are delighted that Jost has joined the Gable Holdings board, particularly as the Company embarks on its next stage of growth as we continue to expand our territories in Europe. Jost has worked with the Gable management team from its inception and brings with him enormous experience having worked at the highest levels in the European financial arena for many years. In turn, we would like to thank Lucas for his contribution to Gable over the last five years and wish him well for the future.

Our Customers, Brokers and People

As Gable builds its commercial footprint, country-by-country, we build the quality and diversity of our distribution network. We greatly appreciate the tremendous support we enjoy from our brokers across each country of operation and we very much look forward to continuing to strengthen these relationships, particularly as we continue to develop new bespoke products together. I would also like to thank all of our customers, across the increasing number of sectors and countries in Europe, also my enormous thanks to Gable staff for their expertise and ongoing commitment to the business.

Current Trading and Outlook

On every measure these are our strongest results to date. Gable's new business levels are growing with significant momentum in the current year and, as a result, we expect to exceed our initial estimates this year by some margin. Across our territories, demand for our existing products is at the highest level we have ever seen, particularly in the UK, France and Italy, and Gable's brand awareness goes from strength to strength with demand for new products at an all-time high.

Our growing profitability and financial resources provide a very strong platform to benefit from the growing number of opportunities available in existing and new markets and we plan to open in further markets in the EU during the course of the current year.

We are also currently laying plans for further major new product launches in new niche motor classes in both Italy and the UK where we have already selected distribution partners with significant demand for our bespoke new products which are currently in development for launch during the second half of 2014.

Since the start of 2014 Gable has once again seen the strongest flow of new business to date. Our business in the UK goes from strength-to-strength as we benefit from major agreements with Towergate Underwriting in the UK and internationally with Arthur J. Gallagher International and Willis International, writing new business in the Italian market where we continue to see significant growth building following the launch of Gable's municipal bond product. It is very clear to us that we still have significant opportunities across European territories which will provide considerable potential for Gable and we look forward to making further progress in these new territories in the current year.

Despite the challenging climate in the Spanish economy our products continue to be profitable, albeit at a lower income rate and in overall terms these gross written premiums represent just 0.8 per cent of the Group total in 2013.

Our Danish business continues to perform steadily as we establish the Gable brand and our Norwegian business has performed robustly in a steadily building market for our products. In Germany Gable has achieved good commercial traction as we build our wholesale distribution network and increased brand awareness in this enormous market where we anticipate making further significant progress with the introduction of new products to meet a strong level of demand from brokers.

More recently Gable announced in January 2014 a new Delegated Underwriting Agreement facilitated and administered by the leading global insurance and reinsurance broker Aon UK Limited (trading as Aon Benfield) with the Company underwriting commercial combined risks across its European territories.

As to growth, we fully expect to see another record year in 2014 with our pipeline of new business providing very good visibility and further significant momentum for the business as it travels into 2015.

William DewsallChief Executive 19 May 2014

GROUP INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2013

GROUP STATEMENT OF FINANCIAL POSITION

AT 31 DECEMBER 2013

William Dewsall Blaise Craven

Chief Executive Director

GROUP STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2013

BASIS OF PREPARATION

The Company was incorporated as a Corporation in the Cayman Islands which does not prescribe the adoption of any particular accounting framework. The Board had previously resolved that the Group would follow IFRS and apply the UK Companies Act 2006 when preparing its annual financial statements.

These financial statements have been prepared under the historical cost convention and in accordance with the requirements of International Financial Reporting Standards ("IFRS") endorsed by the European Union ("EU").

The Group financial statements consolidate the financial statements of Gable Holdings Inc. and subsidiary undertakings made up to 31 December 2013. Subsidiaries are entities over which the Group has control. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. The Group obtains and exercises control through voting rights.

Inter-company transactions, balances and unrealised gains on transactions between the Group companies are eliminated. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.

In relation to the preparation of these financial statements, the Directors have been cognisant of the particular uncertainties outlined in note 3 and note 15. Notwithstanding, the financial statements have been prepared on a going concern basis and it is the opinion of the Directors, based upon the information available that GIAG and the Group will be able to maintain its solvency requirements and meet its liabilities when they fall due.

While a number of new or amended IFRS and IFRIC standards have been issued there are no standards that have a material impact on the Group.

The Board believes that the Company and all of its subsidiaries have Sterling as a functional currency. The financial statements are presented in Sterling.

COMPANY INFORMATION

REGISTERED OFFICE 190 Elgin Avenue

George Town

Grand Cayman

KY1-9005

Cayman Islands

DIRECTORS William Dewsall (Chief Executive Officer)

Mike Hirschfield (Group Finance Director)

Michael Sofaer (Non Executive Chairman)

J Blaise Craven (Non Executive)

Jost Pilgrim (Non Executive)

SECRETARY Kitwell Consultants Limited

Kitwell House

The Warren

Radlett

Hertfordshire WD7 7DU

NOMINATED ADVISER & BROKER Panmure Gordon & CoOne New ChangeLondonEC4M 9AF

REGISTRARS Capita Registrars (Jersey) Limited

12 Castle Street

St Helier

Jersey JE2 3RT

SOLICITORS Fladgate LLP

16 Great Queen Street

London WC2B 5DG

AUDITOR Ernst & Young LLP

Statutory Auditor

1 More London Place

London SE1 2AF