Sabre Insurance Group Plc

2.00 (1.48%)
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 Shares Traded Last Trade
  2.00 1.48% 137.20 60,345 09:12:03
Bid Price Offer Price High Price Low Price Open Price
137.20 138.60 138.40 134.00 134.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Insurance Carriers, Nec 158.32 10.11 4.00 31.30 343.00
Last Trade Time Trade Type Trade Size Trade Price Currency
09:18:48 O 3,211 135.20 GBX

Sabre Insurance (SBRE) Latest News

Sabre Insurance (SBRE) Discussions and Chat

Sabre Insurance Forums and Chat

Date Time Title Posts
03/5/202310:07Sabre Ins251

Add a New Thread

Sabre Insurance (SBRE) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

Sabre Insurance (SBRE) Top Chat Posts

Top Posts
Posted at 02/4/2023 09:39 by wba1
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.
Posted at 01/4/2023 00:06 by hopan
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.

Posted at 14/3/2023 09:41 by wba1
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.

Posted at 03/2/2023 09:40 by sam9092
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?
Posted at 30/10/2022 11:27 by jonnybig
The first sign of management incompetence tells you to avoid, and I'm afraid that's what the sbre management is ..... incompetent.
Posted at 23/10/2022 07:16 by spectoacc
Thanks @wba1. Not (& never have been) a SBRE holder but appreciate your insight.

Fwiw have fully sold out of Direct Line (which is what brought me to this thread) but based more on economic outlook than the insurance market. We're evidently going to hell in a handcart atm, with retrenching consumer, retrenching govnt, tightening BoE.

Posted at 17/10/2022 20:40 by hopan
Thanks for the great insight wba1. Don't you think the sell off is a bit overdone? Do you think it is very cheap at this price?
Posted at 13/10/2022 12:48 by wba1
I remain sceptical about Sabre with these latest numbers. At half year the COR was 98.9% with 4.3% due to prior year reserve strengthening which should not repeat in H2. This would imply H2 at circa 94.6% all other things being equal and would support the mid 90s projection for the full year. But all other things are not equal. The earned premium in H2 should be on much stronger rating than in H1 given the rate increases started in H2 2021. And that effect should be magnified given the sharp fall in motor business in 2022 which should be dominated by retaining the best of previously held business. All of this suggests to me that the reference to 'natural first year growth strain' on motorcycle business means it will be producing a COR of well in excess of 110% this year. It may even be substantially more as, for it to have a material effect on 2022 numbers it would need to be very high given that it only started writing this year so conversion to earned premium will be low.

My concerns are;
* the initial noises about motorcycles are poor and their influence on results will only increase in 2023 as earned catches up with written premium.
* is all the bad news out of the way on prior year reserves?
* Have they implemented price increases of 24% to Sept across the rating engine or on the motor business actually written? The reason this matters is that an average across the engine does not produce as big an effect on written business as customers buy or are retained preferentially on niches with lower increases.

Having said all that I am not convinced their is much more downside in the share price. A market cap of £230m for an established brand with a book of business and, if we believe the CEO, prior year reserves now strong could tempt a bid if it goes much lower. I have seen some really sleazy broker operations and managing agents valued at significantly more. I have reentered this morning, but on the basis of a gamble with limited downside. But I could be wrong. A CEO who under reserves is not to be trusted so I am keeping everything crossed.

Posted at 02/8/2022 09:29 by thebutler
It does make you wonder if the management know what they're doing ....... some of the directors bought following last year's fall (round about 190p if I remember rightly). I had SBRE on my watchlist as it seemed to be progressing OK with a smallish market cap which might have attracted buyout interest, but having said that the P/E still seemed a tad high compared with its peers.

But what ultimately stopped me taking the plunge was a well informed post by yourself, wba1, so I thankyou for that. Those results the other week were awful, and as such I have removed SBRE from my watchlist.

Posted at 14/7/2022 07:18 by wba1
The half year update today is much worse than I expected, even accepting the prior year reserve strengthening (which is huge if it is the main cause and suggests little margin in reserves - a capital offence for insurance management). But it is impossible to tell how much each factor is contributing to the loss ratio deterioration until the prior year triangulations appear. However, the news on the rating environment is almost as bad (and I suspect is also being used to hide some real nasties in the new accounts of taxi/motorcycle/Saga.

This looks to me like a company that has so compromised its past operating model of only writing quality business and accepting a shrinking book where necessary, and that means it no longer differentiates from other insurers and does not deserve a premium rating. I expect a sharp fall in share price at open and will avoid unless it goes below 150 (and then will still prefer others).

Sabre Insurance share price data is direct from the London Stock Exchange
Your Recent History
Sabre Insu..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 |

V: D: 20230530 08:44:30