23rd Mar 2015 07:00
23 March 2015
Gable Holdings Inc.
("Gable" or the "Company")
Agreement with Movinsure in Italy
Quota Share Agreement with Qatar Re
Gable Holdings (AIM: GAH.L), the European non-life insurance company, announces an agreement with Movinsure, an Italian underwriter providing highly selective, risk managed motor insurance for Italian domestic third party motor liability commercial fleet accounts. Movinsure was founded in 2010 by Carlo Faina, CEO of Movinsure and Managing Director of Berkshire Hathaway Italia.
Gable's underwriting programme has a fully qualifying quota share with a panel of reinsurers led by Qatar Re. The new capacity is anticipated to deliver an initial Euro 10 million of gross written premiums per annum to Gable and is expected to be the first stage of a substantial annual programme.
Movinsure was formed as an Italian underwriting vehicle following rigorous market research to construct an actuarial rating plan and the creation of an underwriting software platform. Movinsure provides a third party motor liability product with a high level of service to selected specialist commercial motor fleets operating in Italy. The programme targets a consistently profitable segment of this Euro 2bn per annum market.
The term of the agreement is 5 years and will be administered in London by Robert Fleming Insurance Brokers.
Commenting, William Dewsall, Chief Executive, said: "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. Movinsure utilises sophisticated actuarial risk modelling and the programme is supported by A rated reinsurance."
ends
Enquiries:
Gable Holdings Inc. William Dewsall, Chief Executive Michael Hirschfield, Group Finance Director
| tel: +44 (0) 20 7337 7460 |
Numis Securities Limited Robert Bruce/Adrian Trimmings, Corporate Finance Charles Farquhar, Corporate Broking
| tel: +44 (0) 20 7260 1000 |
Gable Communications Limited John Bick | tel: +44 (0) 20 7193 7463 +44 (0)7872 061007 |
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, the Netherlands, Norway, Spain and Sweden. 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.
Related Shares:
GAH.L