Final Results

28 June 2013

Gable Holdings Inc.

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

Final Results

Gable (AIM: GAH), the European non-life insurance company, announces excellent consolidated final results for the year ended 31 December 2012.

Financial Highlights

§ Profit before tax £5.71 million (2011: £0.04 million as restated)

§ Earnings per share 4.32 pence (2011: 0.19 pence as restated)

§ Total premiums written £36.0 million (2011: £25.7 million as restated)

§ Earned premiums £30.9 million (2011: £22.6 million as restated)

§ Net insurance result £9.4 million (2011: £4.4 million as restated)

§ Net loss ratio of 42.8% (2011: 51.0%)

§ Combined Operating Ratio of 67.4% (2011: 78.8%)

§ Prior year results restated following review of accounting policies and practices

§ Underlying insurance results in 2010 and 2011 remained strong

Business Overview 2012

§ Launched first product in German market with Tenant Deposit Guarantee product.

§ Launched first product in Danish market with Property Liability product.

§ New ATE insurance programmes launched:

o commercial litigation disputes and

o pecuniary loss product

Current Year

§ £70m agreement over 5 years signed with Towergate Underwriting ("Towergate") which commenced in January 2013.

§ Launched first product in Italian market providing bid and performance bonds for companies participating in tenders to provide services to state and public corporations, Launch of Commercial Combined product in Italy.

§ Lance Ranger to retire from the Board as Non-Executive Chairman at the time of the Company's forthcoming AGM. Michael Sofaer will succeed Lance as Non-Executive Chairman at that time.

§ Sukie Harrar joins operational management team as Chief Actuary and Christoph Birchler as a General Manager of Gable Insurance AG in Gable's European headquarters.

§ Two additional Board appointments in process - Group Finance Director and Non-Executive Director.

§ Significant growth in new business during first quarter of 2013.

Commenting, William Dewsall, Chief Executive, said:

"2012 produced significant profits for the Company and during the second half the Group successfully positioned the business for its next phase of growth as Gable continued to expand its distribution network in both the UK and Europe.

"In the current year we have already witnessed a significant increase in new business during the first quarter as we see the benefits of the Towergate agreement flowing through in to the UK and the new business coming on-stream following the new product launches in Denmark, Germany and most recently, Italy.

"During the past year we have significantly strengthened the management team with further appointments in process and appointed Ernst & Young as auditors. We continue to hold reserves within a range as recommended by our independent actuaries, Grant Thornton and have reviewed accounting policies and practices, following which adjustments have been made to the 2010 and 2011 financial statements. This leaves us with a greater level of confidence in our financial policies and processes and our ability to continue to deliver significant profitable growth to our shareholders. As a specialty niche SME insurer focused on the UK and Europe, the outlook of Gable continues to be market-leading both in terms of underwriting performance and growth."

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 the UK, Denmark, France, Germany, Italy, Norway and Spain. 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, which is delivered through the EU passporting mechanism. Gable Holdings Inc is quoted on the London Stock Exchange's AIM market. For further information please visit www.gableholdings.com.

CHAIRMAN'S STATEMENT

During the year ended 31 December 2012 Gable has continued to build on its product range and the number of countries in which the Company writes business. In 2012 Gable launched new products for the first time in Denmark and Germany and in Q4 signed a £70 million, five year agreement with Towergate Underwriting, the UK's largest Managing General Agent, with Gable gaining preferred supplier status to Towergate and its very significant network of brokers across the UK.

More recently, in the current year, Gable announced its first product launch in Italy, providing bid and performance bonds for companies participating in tenders to provide services to state and public corporations. Gable now writes business across seven European countries within the EU, providing a range of products via its network of selected brokers. The UK market remains its single largest contributor by gross written premiums.

During my tenure on the Board and as Chairman I have been delighted to work with William and his team as they have developed and grown the business and in the last eighteen months the business has successfully undergone formative change which will stand it in very good stead as it enters its next phase of growth. I will leave the Board in the very experienced and capable hands of Michael Sofaer and wish everyone in Gable the very best for the future.

Lance RangerChairman

28 June 2013

CHIEF EXECUTIVE'S REVIEW

2012 produced significant profits for the Company and during the second half the Group successfully positioned the business for its next phase of growth as Gable continued to expand its distribution network in both the UK and Europe. This was a year of substantial development for Gable, not just significant progress on expanding the business activities but also in terms of a proactive internal review of the business written to date. These measures will ensure that the Company is well positioned to take on the significant future growth expected from various business initiatives as we expand both the product base and the number of countries in Europe in which Gable writes business. One key element of this review has been a thorough examination of accounting policies and practices, following which the Board decided to change its accounting treatment of the HUAL transaction set out in the 2010 accounts, making an immediate write-off rather than spreading forward the cost of the transaction and refining its policy on recognising success-based elements of ATE policies. These changes result in a material prior year adjustment reflected in these statements. The Board continues to endorse the policy of holding reserves supporting its insurance liabilities within a range recommended by the retained independent actuaries Grant Thornton. For the year ended 31 December 2012, net insurance profit was £5.05 million (2011, as restated: £0.57 million) on increased Gross Written Premiums of £36.0 million (2011, as restated: £25.7 million). Profit before tax was £5.7 million (2011, as restated: £0.04 million) giving fully diluted earnings per share of 4.32p (2011, as restated: 0.19p).

Business Review

During the year we continued to launch new products, tailored to our customers' requirements, providing them with the flexibility and exacting service levels with which Gable has become increasingly associated, delivering the benefits of an innovative and lower cost delivery platform across a range of insurance products.

We continued to expand our wholesale distribution network through a stringent and selective process which has once again resulted in building very strong commercial relationships. During the year we commenced writing new business for the first time in Germany with the launch of our Tenant Guarantee product, available through Heiko Doll Versicherungsmakler, via its online broker platform and designed for residential property landlords, through property management agencies, to provide to tenants as they renew their lease each year. We also launched our first product in Denmark with Gable's Property Liability product. In Denmark we are working alongside Husejernes Forsikring Assurance Agentur AS, whose management team has over 25 years' experience in the insurance sector, with the highly respected Howden Insurance Brokers AB and claims lawyers, Trønne & Lundgren Law firm, one of the largest and most experienced law firms in this area in Denmark.

Throughout the year we continued to build on our business in the UK and in France where Gable benefits from its strong broker relationships. Once again, we were able to write levels of business which delivered good levels of profitable business in both markets, despite overall rates remaining relatively static.

The After The Event ('ATE') market in the UK has remained buoyant with a very strong performance during 2012 from this short tail business. Gable made good progress with two programmes commencing during the year which we anticipate will provide a solid platform for continued growth in shorter tail business over the next two to three years. It is equally worth noting that Gable only writes business for commercial ATE and not personal injury business and we remain highly selective on a case-by-case basis when writing this class. We anticipate that Gable's UK ATE account will also benefit as the impact of the Jackson reforms flow through, following their introduction scheduled for July 2013, as these reforms will have the effect of discouraging the more speculative claims from entering the ATE market. We believe the net result of the reforms around claimant costs will have a favourable impact on the claims experience of our ATE customers.

In November 2012 we were delighted to formalise our relationship with Towergate Underwriting, the UK's largest MGA and part of the Towergate Group, with a 5 year agreement, commencing January 2013 with Gable providing exclusive capacity for a range of standard and non-standard products which will be available to all of Towergate Underwriting's broker customers. This agreement marked a formative stage in the development of our UK business which we believe is very well positioned to support future growth and continue to deliver the high levels of service which our team has always delivered. We are working closely with the teams at Towergate to develop a broad range of traditional, bespoke and exclusive products for their UK clients.

In overall terms the Gable business has both managed its organic growth during the year and put in place the platforms to write business in three new countries: Denmark and Germany during 2012 and most recently Italy with the launch of our Commercial Bond product. During this most recent period the management team has also implemented the necessary infrastructure through enhanced broker network contacts which enables continuity in service levels as the business starts to benefit from the additional inflows of new business following the new product launches in Germany and Denmark and most notably via the Towergate agreement for the UK business.

We continue to have excellent support from our reinsurance partners in both London and internationally, and we are always monitoring and, as appropriate, amending Gable's reinsurance cover which most suitably matches the requirements of the business.

Looking at the balance of the business we write today, we believe that we will continue to see a progressive shift towards an increasing level of shorter tail business. We can see this most recently with the increase in European business which Gable is writing, based predominantly around commercial material damage type risk. Whilst this remains balanced by longer tail liabilities, it is none-the-less a preferred blend of risk for any insurance business.

As always, we are mindful of the prudent management of the cost base and, as anticipated by management team overall operating costs have inevitably increased as we prepared for the next phase of growth in the business. Costs are in line with the growth in the business we are now seeing during the current year.

The table below shows how our product base has grown to date since Gable started writing business in 2006 to date:

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

Group results for the year ended 31 December 2012

The reported result for the year shows profit before taxation of £5.7 million (2011, as restated: £0.04 million) and basic earnings per share of 4.32p (2011, as restated: 0.19p) on weighted number of ordinary shares in issue during both periods of 113,332,000.

At the end of the period, net assets were £14.8 million (2011: £9.5 million as restated) and cash balances were £9.6 million (2011: £10.9 million).

Reserving policy

Since inception, the Group has used a consistent, simplified formulaic approach to calculate reserves in respect of its insurance liabilities at the balance sheet date. The approach is based on a fixed percentage of premium across the entire portfolio. This is not uncommon in the absence of directly comparable and relevant empirical data, which is often the case for insurance portfolios at a relatively early stage of development. In keeping with best practice, the Group continues to obtain an independent actuarial assessment of its reserves (consistently using Grant Thornton) which has provided a "best estimate" and a range of possible level of reserves either side of this estimate. In the absence of its own mature experience, this assessment has necessitated the use of market level benchmark data, hence such an independent review can never fully capture the impact of the Group's "niche underwriting" strategy, tight policy wording and beneficial impact of a proactive and efficient claim handling process.

The Board has always been satisfied as to the adequacy of its reserves and for the above reasons, to differentiate between the niche underwriting strategy of the Group and the estimates derived from market level benchmarks, the Board has historically targeted held reserves below the independent best estimate, but within the independent range. Indeed experience shows that settlements are generally below the case reserve which increases the best estimate calculations, which take the case reserves as a starting point.

The Group's business has now grown to a point where it is appropriate for Gable to move towards a reserving policy based on an internal, class-specific actuarial assessment and Gable has recently appointed its own in-house Chief Actuary to perform this task on a quarterly basis. The internal assessment will be based on a more granular, bottom-up approach, taking into account coverage, claims reporting patterns and wording restrictions and over time the Board expects a convergence of the respective internal and external best estimates as the Group becomes better equipped to articulate its position.

The Group has experienced strong growth in 2013 from initiatives announced in 2012 and early 2013 and is actively investigating significant additional opportunities in new business classes. As a result of this strong start and the expectation that this will continue throughout the year and beyond, it is anticipated that the Group will explore commercially attractive options to increase available solvency capital.

Dividend policy

It is the Board's firm belief that shareholders' interests are currently better served if the Company reinvests earnings and refrains from the commencement of dividend payments at this time. The Board will continue to review its dividend policy as it is appropriate for the business and its shareholders.

Auditor

Your Board was pleased to announce the appointment of Ernst & Young LLP as auditor to the Company at the end of September 2012 and we are delighted to be working with their respective teams across our business.

Management and Board

Michael Sofaer joined the Board in February 2012 as Non-Executive Director and today Gable is delighted to announce his appointment as Non-Executive Chairman with effect from the Company's forthcoming AGM, at which point Lance Ranger will be retiring from the Board.

Michael founded Sofaer Capital in Hong Kong in 1986, the first hedge fund management company to be launched in Asia. He launched Sofaer Capital Global Hedge Fund in 1987 and the Sofaer Capital Asian Hedge Fund in 1989, operating with a highly experienced Asian, European and global investment management teams. Prior to this he was a securities analyst with Schroders Investment Management in London and head of research in Hong Kong.

Our thanks to Lance Ranger who retires from the Board and who has been Non-Executive Chairman of the Board during a period of significant change and growth in the Company. We wish Lance all our very best wishes for the future.

It is the Board's intention to make two further appointments, that of Group Finance Director and an additional Non-Executive Director. This process is underway and we look forward to announcing both Board appointments in due course.

In September 2012, Michael Hirschfield, BSc (Econ) FCA was appointed head of Group Finance. Mike is a Director of Kitwell Consultants, company secretary to Gable Holdings Inc. since its incorporation. As Company Secretary he has supported the management team since Gable's formation and as head of the Group Finance operations and has worked closely with Ernst & Young over the past six months. Mike was a founding member of Gable and is an experienced public company director with particular expertise working with growth companies.

In addition, further recent senior non-board management appointments include Sukie Harrar who has joined Gable as Chief Actuary. He qualified as an actuary with Ernst & Young in 1997 and has held posts as Group Actuarial Director with Whittington Insurance Markets and Group Actuary at Amtrust. Christoph Birchler has recently joined Gable as a General Manager in Gable's European headquarters to complement the existing operational team. He joins from Ernst & Young in Zurich where he was a Manager in its Financial Accounting Services Division and has extensive experience in the insurance sector both in Europe and the US.

Current Trading and Outlook

Since the start of 2013 Gable has seen the strongest pattern of new business and organic growth in its history, notably as our partnerships with Towergate Underwriting in the UK has come on stream in its first full year of the five year agreement and internationally with Arthur J. Gallagher International and Willis International, which are substantial brokers and their support is testament to Gable's growing status in the insurance market. I am delighted with the level and quality of business now coming through our UK business and we look forward to developing further bespoke products for our UK and European broking clients.

Our new Danish business is performing steadily with good commercial traction and we have now added to our rental guarantee product with the introduction of a latent defects product, which is similar to our successful product introduced into the French market in early 2012. In Germany, we have established our business platform with two products: the launch of our commercial combined product and our tenant guarantee product and to date we are writing business in line with our anticipated levels for 2013, the first full year of business in the German market.

I am delighted to have established new agreements with major international brokers with the launch of our Commercial Bond product in Italy and today we announce the introduction of a new commercial combined product for the Italian market. We believe that the Italian market provides significant potential for Gable and we look forward to making further progress in this new market for the Group during the current year.

In overall terms rates in the UK and Europe remain stable, albeit the provision of over capacity remains as it has for some years now, particularly in the UK market. As a niche provider we operate from a highly efficient cost base and are therefore not unduly influenced by this particular issue. We anticipate achieving further significant growth across each of our markets during the current year, particularly as we continue to reinforce the depth of Gable's broker relationships in each market. 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.

Whilst we remain ever diligent and focused on achieving profitable growth, the current year is most certainly benefiting from the refining of the business that was undertaken during the latter half of 2012 and I believe that Gable is in a very strong position to once again achieve significant growth in 2013.

The Board would like to thank all its employees for their excellent work during 2012. We have started the current year in a strong position and are highly encouraged by the momentum that the significant new business agreements and new product launches will deliver. We look forward to another successful year of growth for Gable, its commercial partners and shareholders.

William DewsallChief Executive

28 June 2013

GROUP INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2012

All operations are continuing.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2012

GROUP STATEMENT OF FINANCIAL POSITION

AT 31 DECEMBER 2012

The financial statements have been signed by the Board and authorised for issue on 28 June 2013.

William Dewsall Blaise Craven

Chief Executive Director

STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2012

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2012

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 2012. 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.. 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 above financial information does not constitute financial statements. The Company's 2012 Annual Report will be posted to shareholders shortly and available for download from the Company's website at www.gableholdings.com