Sabre Insurance Group, which specialises in the motor market, has reported gross written premium of £225.1m for 2023, up from £171.3m the previous year. The carrier’s combined operating ratio improved from 93.4% in 2022, to reach 86.3% in 2023. Profit after tax was £18.1m, up from £14m in 2022.

Geoff Carter, chief executive officer of Sabre, said: "The 2023 results demonstrate the strength of Sabre's model with our disciplined approach, of focusing on profitability as a target and treating volume as an output through the cycle, paying off. We have successfully demonstrated the power of this approach over the past twelve months.

“Following a challenging 2022, where we reacted early and decisively to the rapid increase in inflation, this year has seen us benefit as some competitors increased prices rapidly and others withdrew from the motor insurance market.”