Last checked at 10 Nov 2021 07:00
10 November 2021
Sabre Insurance Group plc
New Contract as Exclusive Underwriter to MCE Insurance
Sabre Insurance Group plc ("Sabre" or the "Company"), one of the UK's leading motor insurance underwriters, today announces that it has signed an agreement with MCE Insurance ('MCE'), one of the largest distributors of motorcycle insurance in the UK, to become the exclusive underwriter for policies issued by MCE Insurance Ltd effective immediately.
Under the terms of the agreement, Sabre will have complete control of pricing, claims handling and reserving. It has also received access to MCE's multi-year claims and policy data which will be combined with Sabre's leading digital pricing techniques.
Sabre is not paying a financial consideration to MCE and will not be liable for any historical policies, claims or activities of the previous underwriter. Sabre has no obligation to take on any employees from MCE's existing underwriting business.
This agreement provides a unique opportunity for Sabre to enter a new market at scale. Sabre will apply its disciplined approach to underwriting motorcycle insurance and expects GWP over £20m per annum and to generate a pre-tax profit contribution in the region of £3m to £5m on a fully earned, annualised basis.
This agreement comes into effect from today's date, on Sabre calculated rates.
Geoff Carter, Chief Executive Officer said: "I am delighted to announce our partnership with MCE Insurance today. Motorcycle Insurance is entirely consistent with our focus on engines and wheels, providing an exciting additional opportunity alongside our UK private motor business. The partnership will add significant data capabilities and allows us to retain our underwriting discipline whilst providing incremental earnings growth. We will provide a further update on our progress with MCE at full year results."
Enquiries: | |
Tulchan Communications | sabre@tulchangroup.com |
James Macey White | |
Simon Pilkington | |
Guy Bates |
The Sabre Insurance Group plc LEI number is 2138006RXRQ8P8VKGV98
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.