20th Jan 2010 07:00
20 January 2010
GABLE HOLDINGS INC
("Gable" or "the Company" or "the Group")
Pre-Close Trading Update
Gable Holdings Inc (AIM: GAH), the European insurance company, is pleased to announce that it expects to report on another successful year of trading for the Group for the year ended 31 December 2009.
The key highlights are:
European expansion of the business has continued at pace and Gable has recently been approved to trade in Switzerland, Sweden, Denmark and Belgium
France - product range in France has performed exceptionally well, and continues to exceed expectations
Norway - new tenant deposit product launched, and agreements signed with two of the largest property management agencies in Q4
Approved in three new European insurance classes:
- Class 15 - Suretyship
- Class 16 - Miscellaneous financial loss
- Class 17 - Legal expenses
UK - has shown a robust performance, despite the challenging market conditions experienced in the first half, producing a strong second half
New product launch - commenced writing After the Event ("ATE") policy in Q4. The market for ATE insurance has risen dramatically over the past ten years, creating a need for further capacity from insurers
In France the Gable brand has become significantly more established, underpinned by the strong performance in the second half of the year which it anticipates will markedly increase in 2010.
In June Gable signed an agreement with a French insurance broker to provide a programme of property and liability related risk insurance to the Company, which is showing sustainable growth with a combination of new contracts and annual renewals.
Gable launched a new product in the third quarter in Norway. The tenant deposit guarantee scheme has been received well, and Gable signed up two of Norway's largest residential property management agencies in Q4 who will use this product as tenants renew their lease. The European market for this product is significant and Gable is identifying other territories where this can be launched in 2010.
In the first half, the UK was a challenging market, however we saw signs of improvement in business and this resulted in a strong recovery for the second half.
In the period, Gable applied for three new asset classes: Class 15 - Suretyship, Class 16 - Miscellaneous Financial Loss and Class 17 - Legal Expenses. These were approved in Q4 by the FMA, Liechtenstein's Financial Market Authority.
The most recent product launch from Gable is its ATE policy (After the Event), which it started writing in October 2009. The ATE product was introduced in the 1990's in the UK market and premiums written have risen dramatically since the introduction into law of the Access to Justice Act in 1999. Despite the increased need, the market has not kept up with demand, which has provided Gable with an opportunity to write in this already established market.
William Dewsall, Chief Executive, Gable Holdings Inc, commented: "The Board is delighted with Gable's performance during 2009, during which the Group has successfully expanded its European spread of business. The outlook for continued development and growth from our business looks excellent for 2010."
Enquiries:
|
Gable Holdings Inc Mark Fairman |
Tel: +44(0)20 7337 7460 |
|
Arden Partners plc David Hart |
Tel: +44(0)20 7614 5900 |
|
Hansard Communications Justine James John Bick |
Tel: +44 (0) 20 7245 1100 +44 (0) 7525 324431 |
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