Last checked at 28 Jan 2022 07:00
28 January 2022
Sabre Insurance Group plc
New Contract to Provide Taxi Underwriting Services to Freeway Insurance Services Limited
Sabre Insurance Group plc (the "Group"), one of the UK's leading motor insurance underwriters, today announces that it has signed an agreement with Freeway Insurance Services Limited ('Freeway'), a successful and well-established distributor of taxi insurance in the UK, to become the exclusive underwriter for policies issued by Freeway's Managing General Agent ('MGA'), effective for five years from 1 March 2022.
Freeway has over 20 years of experience and has delivered consistently profitable taxi insurance results. Under the terms of the agreement, Sabre will work with Freeway to exploit our combined expertise in pricing, underwriting and claims handling. For all policies sold through the MGA Sabre will have ultimate control of pricing.
Sabre is not paying a financial consideration to Freeway and will not be liable for any historical policies, claims or activities of business written previously by Freeway.
This agreement provides an attractive opportunity for Sabre to grow its taxi book in conjunction with an expert partner. Taxi insurance currently accounts for approximately £1m of the Group's total annual premium. It is expected that the agreement with Freeway will generate an additional annual gross written premium of c.£20m, generating an additional £2-4m of additional annual profit on a fully-earned basis.
This agreement comes into effect 1 March 2022.
Geoff Carter, Chief Executive Officer said: "I am delighted to announce our partnership with Freeway Insurance today. This is a fantastic opportunity to turbocharge growth in our small taxi book, which will contribute to the Group's profits while establishing a further degree of diversification, following our entry into the motorcycle insurance market earlier this year. The partnership builds on our core capabilities and allows us to retain our underwriting discipline whilst providing incremental earnings growth. We will provide a further update on our progress with Freeway at our 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.