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Motor insurance underwriter Sabre Insurance said it had signed a five-year agreement with Freeway Insurance Services, an distributor of taxi insurance in the UK, to become the exclusive underwriter for policies issued by Freeway's managing general agent.
It was expected that the agreement with Freeway would generate an additional annual gross written premium of about £20 million, generating an additional £2-to-4 million of additional annual profit on a fully-earned basis, the company siad.
Sabre said it was not paying a financial consideration to Freeway and would not be liable for any historical policies, claims or activities of business written previously by Freeway.
This agreement, which comes into effect on 1 March, provided an 'attractive opportunity for Sabre to grow its taxi book in conjunction with an expert partner,' the company said.