Sabre Insurance Group reveals financials
Numbers described as "disappointing"
About Sabre Insurance
Sabre Insurance provides car insurance through a broad network of brokers and its two direct brands: Go Girl and Insure 2 Drive.
Go Girl is an online insurer that underwrites motor insurance through insurance intermediaries in the UK. Its products include learner driver car insurance, young driver insurance, new driver insurance, first car insurance, and student car insurance.
Insure 2 Drive is a UK-based insurer authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Since its launch in November 2010, the company has underwritten motor insurance through insurance intermediaries in the UK and provided internet-only private car and van insurance products.
Sabre Insurance’s other products include non-standard car insurance, reduced commission insurance, commercial vehicle insurance, Northern Ireland car insurance, and taxi insurance.
History of Sabre Insurance
Sabre Insurance was established in 1982 as an underwriting agency and was superseded by the launch of Sabre Insurance Company in 1991.
General Accident plc acquired Sabre in 1996 then sold it to the BDML Group in 2002 following a series of mergers with Commercial Union and Norwich Union. The BDML Group then sold its broking subsidiary, BDML Connect to Capita in 2005 and changed its name to Binomial Group Limited. The decision left Sabre Insurance as the group’s sole subsidiary.
In 2017, Sabre Insurance’s shares were admitted to trading on the London Stock Exchange. In 2018, Sabre Insurance’s investors sold 45.5 million shares, with Barclays Bank acting as the sole global coordinator and book runner for the offering.
In 2019, the group’s directors proposed to distribute £50 million in dividends, which is equal to 100% of Sabre’s adjusted profit after tax.
Leadership at Sabre Insurance
Geoff Carter – CEO
Carter joined Sabre Insurance as the chief operating officer and director in 2015. He became the company’s director and chief executive officer when the company was incorporated in 2017.
Carter has over 20 years of experience in managing insurance operations. Before joining Sabre, Carter served as the chief executive officer of Tesco Underwriting Limited. He also previously worked as the managing director of Ageas Insurance Solutions Limited and spent seven years at Churchill Insurance before and after the company’s acquisition by the Royal Bank of Scotland plc.
Culture at Sabre Insurance
Sabre Insurance aims to give back to communities through its employees and customers. It provides training and awareness on human trafficking issues, encourages its employees to volunteer, collaborates with its stakeholders, and leverages its travel technology leadership. Some of its initiatives include the Give Time Together and Give Together global employee programmes, Passport to Freedom programme, and environmental sustainability programmes.
Give Time Together is an initiative that encourages Sabre employees to volunteer in local communities. The company’s employee event coordinators organise group events and independent volunteer activities that allow employees and community partners to volunteer for local charities and non-profit organisations.
Give Together is an annual global campaign in which employees can donate through event fundraisers and one-time donations. The programme mainly supports organisations dedicated to fighting against human trafficking issues.
Sabre’s Passport to Freedom programme fights human trafficking and provides support to survivors. It aims to educate the travel sector on human trafficking issues and advocate for legislative changes.
Sabre Insurance is also committed to minimising its environmental impact through environmentally friendly initiatives in its offices and data centres. Its facilities use natural lighting, low-energy fluorescent lighting, low or no-water appliances, low water or all-organic native outdoor landscaping, and recycled materials.
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