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(Alliance News) - Sabre Insurance Group PLC said on Friday it has signed a new contract to provide taxi underwriting services to Freeway Insurance Services Ltd.
Shares in Sabre were up 7.4% at 216.50 pence on Friday morning in London.
The Surrey, England-based motor insurance underwriters said it has become the exclusive underwriter for policies issued by Freeway's managing general agent for five years from March 1, 2022.
Freeway is a Preston, England-based company focused private hire, public hire, executive car and Uber taxi insurance.
For all policies sold through the managing general agent, Sabre will have ultimate control of pricing. Sabre will also not not pay a financial consideration to Freeway and will not be liable for any historical policies, claims or activities of business written previously by Freeway.
Sabre said the agreement provides an opportunity for Sabre to grow its taxi book. Taxi insurance currently accounts for about GBP1 million of the its total annual premium.
The company continued that it is expected that the agreement with Freeway will generate an additional annual gross written premium of GBP20 million and generate an additional GBP2 million to GBP4 million of additional annual profit on a fully-earned basis.
By Heather Rydings; heatherrydings@alliancenews.com
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