But no dividend to be paid

Gable has reported a 99% improvement in underlying profit before tax, making £11.4m in 2013. This is up from just £5.7m in 2012.

The Liechtenstein-based insurer also increased its share of the market in 2013, with gross written premium (GWP) for the year up 63% to £58.9m from £36.1m in 2012.

In the UK, this was largely driven by growing business in the construction and commercial combined sectors.

Chief executive William Dewsall said: “On every measure these are our strongest results to date. Gable’s new business levels are growing with significant momentum in the current year and, as a result, we expect to exceed our initial estimates this year by some margin.

“The awareness of Gable’s brand goes from strength to strength with demand for existing and new products at an all-time high.

“Our growing profitability and financial resources provide a strong platform to benefit from the growing number of opportunities available in existing and new markets and we plan to open in further markets in the EU during the course of the current year.”

Despite the improvement to profitability and GWP, Gable’s combined operating ratio (COR) deteriorated over the year, increasing 4.2 percentage points over 2012 to 71.6%, although it remained highly profitable.

The Gable board also decided not to issue a dividend for 2013, saying that shareholders’ interests would be better served by retaining earnings for capital reserving in anticipation of further growth.

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