Executive Summary
Gable Holdings Inc was established to build a group specialising in the European insurance and reinsurance sector. Gable was admitted to AIM in January 2005 when it raised £1m via a placing with 42.4m shares in issue. In December 2005 the company acquired Brown Duke AG (name changed to Gable Insurance AG post acquisition) in return for 31m new ordinary shares, valued at £3.95m. Gable Insurance AG is a European Insurance Company licensed to undertake insurance business under the authority of the FMA. Gable received FSA approval to provide cross border insurance services into the UK at the end of January 2006 under the EU passporting mechanism. Gable then commenced writing business in the UK at the end of January 2006.
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Business Model
Gable Insurance AG will underwrite insurance risk in the construction market in Europe. The companies intitial focus is in the UK and Ireland writing the following classes:
- Employers Liability (EL)
- Public Liability (PL)
- Contractors All Risk (CAR)
Having established a firm base Gable will be looking at utilising the passporting mechanism under EU directives to do business in other European countries, using a like structure as set out below in the UK. Gable currently has licenses to trade in UK, Ireland, France, Spain, Germany and Italy.
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Underwriting management is conducted by Hogarth Underwriting Agencies which has the sole underwriting and claims handling agreement with Gable Insurance AG to distribute its insurance products in the UK. Hogarth is authorised by the FSA in the UK as an insurance Intermediary. This underwriting team is headed by William Dewsall who has over 20yrs experience underwriting insurance risk worldwide and tailoring specific policy wording. With the combination of outsourcing of non-core functions and the utilisation of a propriety online quoting system the company has an extremely efficient cost base giving it a leading edge in the market.
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