By Anthony O. Goriainoff
Saber Insurance Group PLC announced Friday that it has signed an agreement with Freeway Insurance Services Ltd. to become the exclusive underwriter of policies issued by Freeway’s managing general agent.
Car insurance provider FTSE 250 said the five-year deal was an opportunity for the company to expand its taxi book, and taxi insurance is currently worth around £1 million (£1.3 million). dollars) of the company’s annual bonus.
The company said it expects the deal to generate an additional gross written premium of around £20 million, generating additional annual profit of £2-4 million on a fully earned basis.
Saber said it does not pay any financial consideration to Freeway and will not be responsible for any policies, claims or historical business activities previously written by Freeway.
“This is a fantastic opportunity to boost the growth of our small taxi portfolio, which will contribute to group profits while establishing an additional degree of diversification, following our earlier entry into the motorcycle insurance market. this year. The partnership builds on our core capabilities and allows us to retain our underwriting discipline while delivering additional earnings growth,” said Managing Director Geoff Carter.
Write to Anthony O. Goriainoff at [email protected]