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SBRE Sabre Insurance Group Plc

136.00
0.00 (0.00%)
09 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sabre Insurance Group Plc LSE:SBRE London Ordinary Share GB00BYWVDP49 ORD GBP0.001P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 136.00 135.20 136.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Insurance Carriers, Nec 59.09M 18.07M 0.0723 18.95 340M
Sabre Insurance Group Plc is listed in the Insurance Carriers sector of the London Stock Exchange with ticker SBRE. The last closing price for Sabre Insurance was 136p. Over the last year, Sabre Insurance shares have traded in a share price range of 124.40p to 183.60p.

Sabre Insurance currently has 250,000,000 shares in issue. The market capitalisation of Sabre Insurance is £340 million. Sabre Insurance has a price to earnings ratio (PE ratio) of 18.95.

Sabre Insurance Share Discussion Threads

Showing 251 to 270 of 300 messages
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
17/8/2023
08:16
I think that the share price recovery reflects an expectation that Sabre can return to its previous performance level over the next 2-3 years. I doubt this for a simple reason. Even assuming there are no more nasties lurking in the reserves it lost a significant amount of its legacy business as it hiked rates and is now relying on new business (rather than renewals) and new accounts for the likes of taxis, motorcycles and Saga to grow again. None of this is likely to return loss ratios to the 40s and CORs to the 70s (as they were up to 2020) and justify premium ratings. I can see that Sabre has stabilised and is performing satisfactorily but it now looks like a small, sub scale retail insurer with little to distinguish it from bigger competitors.
wba1
16/8/2023
23:56
Excellent post by you. Sabre going up and up? Is there something I don't know?
sam9092
03/8/2023
13:16
Interesting half year results. I remain deeply unconvinced by Sabre. The headline COR is flattered by the change in accounting practices and the real comparator with past years is the 98% undiscounted figure. Whether discounted under the new rules or undiscounted this years half year number is still worse than at 2022 half year. It seems to me that management is using the change in accounting to pretend that matters are better than they are. The undiscounted COR of 98% compares with the results in the mid-70s that Sabre were producing when a stand out performer and the accident year net loss ratio of 69% compares to figures in the 40s. Given the noises they made a year ago and at full year I would have expected to see more improvement by now. On the positive side, the motorcycle performance has improved faster than I expected (but taxis remains a black hole). The written account growth is interesting but will slow down recovery a little due to new business always performing worse than business already held - so it is swings and roundabouts with long term benefit but shorter term cost.
I do take the point that COR will benefit as the account grows as fixed and semi fixed costs are spread over more premium and the expense ratio reduces. I am also pleasantly surprised at the solvency ratio holding as well as it has.
My overall conclusion is that Sabre has a long way still to go to merit its premium share price compared to either other general insurers or the wider insurance market and the current price remains hard to justify. I may be wrong but this still seems to me to be one for gamblers.

wba1
03/5/2023
09:07
Sam9092; I am not an actuary but I was an underwriting director for 20 years. I knew Mike Edwards (the founder of MCE) and he was one of the better brokers but I agree with all you say about motorcycle and taxi. Like you I hold Aviva (and L&G and Phoenix) and bought down to 140 during the recent run on Direct Line, but Sabre (where I have made good money during the pandemic) just seems to be a different company to even 2-3 years ago. I will continue to watch it for any trading chances but it has long ceased to be a hold.
wba1
02/5/2023
17:07
Sam9092; whilst it is irritating to have missed a trading opportunity I think you will get other opportunities with Sabre and that less risk still exists elsewhere. I noted that the results predicted a COR for 2023 of 85-90%. I am prepared to go on record and predict it will exceed 90%. Why?

* The 2022 accident year loss ratio was 68.7%. This was 17% worse than the previous year and, even if they did take pricing action much will have been eroded by inflation and only part will earn in 2023 due to earnings patterns.

* Hardly any of the new taxi and motorcycle accounts will have contributed to the 2022 accident year loss ratio of 68.7%. Much more will impact 2023 and I doubt it will come in below 75-80% (for these new accounts)due to the nature of these risks, the lack of Sabre experience in these sectors and the penalty for transferred business.

* Other insurers are suggesting claims inflation is running ahead even of the scenarios suggested earlier.

Putting all this together I cannot see how the 2023 accident year loss ratio will be materially better than 2022 (before improving in 2024). So if it comes in at 68% with the usual 27% expense ratio the 2023 COR will only be below 90% if there is an unusually high prior year release (over 5%). And this seems unlikely given they had to strengthen reserves in 2022. I am sure they will pull every possible lever to bring down the reported COR but under 90% looks wildly optimistic.

wba1
27/4/2023
07:42
Post sabres results this stock is moving up and up. Shame I didn't buy it when it was at one pound.
sam9092
02/4/2023
08:39
Hopan; I think that either SBRE is overvalued or DLG undervalued. On balance I lean to the latter but that is just my view. I am convinced both valuations cannot be right. My main concern with SBRE is the likely continuing impact of the motorcycle and taxi accounts as they build to a full effect on profit through the earnings pattern. They will be a much bigger % of earned premium in 2023 than 2022 and I do not believe SBRE can expect them to produce a loss ratio anywhere near that of the traditional Sabre business. SBRE seems to be in transition to a COR much nearer to the market performance than its past 20 point advantage simply because of its pursuit of new business sources.
wba1
31/3/2023
23:06
Hi Wba1, thanks for the analysis. Just to clarify, you think SBRE is overvalued compared to the DLG, right?

I appreciate SBRE management on expecting the claim inflation. Well before the others. Good decision. And they ended up almost flat for 2022.

hopan
29/3/2023
06:58
Thanks wba for assessment. I am Seriously thinking of investing heavily in sabre but currently reluctant.
sam9092
25/3/2023
15:08
A simple question insurer investors should ask. Sabre is currently valued at about a third of the valuation of the Direct Line core retail business (£1bn of the £1.8bn DLG market cap is accounted for by the commercial operation (NIG) and the rescue and other personal lines business (plus some smaller stuff like the accident repair centres). The question is whether this seems reasonable. Sabre has annual GPW of £171m. DLG (for its core retail - motor and home) has £1.9bn. Both have recent history of underreserving and similar solvency ratios. If Sabre does recover even halfway to historic CORs it looks good but that is a big if. DLG has a worse COR but very valuable brands and the other lines to smooth the recovery.

To me there is a serious mismatch in valuations. I do not claim to know in detail where this arises, but until the interims it does make me more nervous about Sabre. Having said all of that - I received another invite for a telephone consult on motor this week (which I turned down) - but the list of companies they wanted to talk about had the usual suspects (DLG, Admiral plus some disruptors - and Sabre). It seemed odd that Sabre were in there but no LV, Aviva or others. Who knows?

wba1
24/3/2023
18:44
Because its gone down so bloody far.
scobak
24/3/2023
14:32
Why is sabre going up? Any idea anyone?
sam9092
17/3/2023
22:18
Any reason why sabre is up when all other insurance stocks are down
sam9092
14/3/2023
09:41
The results could be worse but no one should expect 2023 to be much better. The core historic business may be ok but taxi and motorcycle will continue to drag. Although the loss ratio may improve in motorcycle and taxi they will comprise a bigger % of the earned premium in 2023 as the transfer completes. This means a smaller gap between the loss ratios of the old business and the new accounts will be offset by it affecting more of the business. The surprising thing is that Sabre seem to be surprised by the performance of these new accounts, especially large losses in motorcycle. I have news for them; large losses are to be expected in motorcycle and loss ratios are bound to be poor in segments the underwriters are learning on the job.

I expect 2024 to be the first real improvement so there is a buying opportunity, but I expect the price to stay around the current level for a while yet.

wba1
12/3/2023
19:29
Is this week going to be a good time to buy
sam9092
03/2/2023
09:40
A lot of movement going on with share price. Up 4 points down 4 points. Anyone know why so much movement on such a small volume of shares?
sam9092
16/1/2023
09:44
last year came out 22/3
wish i wasnt in rbs
16/1/2023
08:26
Anyone know when sabre results come out?
sam9092
11/1/2023
08:53
DLG -28%, ADM -11%, even Aviva & LGEN are down on DLG's p/w.
spectoacc
11/1/2023
08:52
Buying opportunity
henryd14
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1

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