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Gable gross written premiums up 25%

By BFN News | 07:41 AM | Thursday 31 March, 2016

Gable Holdings' gross written premiums rose to over GBP100m in the year to the end of December - 25% up on last time. It says high retention rates and new referrals continue to drive strong growth in underlying business across all European markets and the group reports a more than 40% increase in cash and liquid investment balances to GBP60m. The group expects to report a pre-tax loss of between GBP7 million and GBP8 million after taking into account: - Previously announced £7.5 million provision to eliminate the remaining balance of the pre-2012 historical reserving gap; - The cost of the Quota Share agreement as announced in December 2015; - Provisions for claims arising from the significant floods experienced in the UK and Europe in December 2015, the impact of which is limited to between £2 million and £3 million through reinsurance arrangements Chief executive William Dewsall said: "Gable produced another year of growth in the underlying business with a strong core underwriting performance which was achieved in challenging markets. The overall performance was impacted only at the year-end by the severe December storms and floods, and we were once again quick to respond to our customers' requirements in getting many businesses back in action following the storms, whilst Gable was also well protected through its reinsurance arrangements, limiting the ultimate financial impact. We remain focussed on delivering underwriting profits with a strong and growing cash position which has continued to increase by over 40% on 2014." Story provided by

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