Gable reports £0.4m net profit

Gable Holdings, the European insurance company to the building and construction sector has reported a net profit before tax of £400,000 in its unaudited interim results for the six months ended 30 June 2007.

Gable said gross written premium of £4m produced an earned premium of £3.3m and net profit before tax of £0.4 million. On a pro forma basis, the company said, the net profit would be £1.1m

It added that a new more cost effective reinsurance programme was in place from 1st July 2007

It also said that GIAG's solvency position remains very strong and exceeds the requirement for its current and currently anticipated growth strategies

William Dewsall, chief executive, Gable Holdings, said: “The Board is pleased with the progress the Company has made over the last six months, particularly against the backdrop of a UK market which has continued to be challenging. Our renewal book is solid, giving us a strong start to the year.”