Folgate returns to active underwriting
Folgate Insurance Company has returned to active underwriting a year after being acquired by APC Underwriting.
In conjunction with a Lloyd’s syndicate, Folgate will begin underwriting on a quota share basis.
Its combined £30 million of capacity will support the expansion plans of APC’s managing general agent (MGA) in the UK and Continental Europe. Additionally, it plans to provide capacity for other MGAs in 2016.
The insurer has strengthened its company board to help drive growth in its key small and medium-sized enterprises (SME) markets.
Led by Brian Russell, chief executive officer (CEO), Folgate’s non-executive directors are Charles Earle (formerly chairman of Arista), Adrian Harris (formerly head of SME AmTrust Syndicate 1206 and general manager of AmTrust Underwriting) and Stephen Mathers (formerly an active underwriter at Kiln Syndicates).
Folgate was put into run-off in 2002, by former owner Towergate. The insurer previously underwrote household, motor, commercial (including employers’ liability) and travel policies. The run-off of its book continues to be administered by APC.
Russell said: "As soon as APC purchased Folgate we began talking to the regulators about using the 138 year old insurer to actively underwrite again. One year on we are live.
“As well as enabling APC’s own MGA to both grow faster and develop a wider range of products for brokers, Folgate has the capacity and appetite to support other best of breed MGAs. The return to the market of a long-established insurer after 13 years is a great story for both APC and the wider insurance market.”
