APC acquires run-off insurer from Towergate

APC Underwriting, the commercial insurance managing general agent, has acquired run-off insurer Folgate Insurance Company from the Towergate Group.

Folgate is a run-off insurance company that was established in 1877 and ceased writing business on 30th June 2002. Since then Towergate has administered the run-off of the business, principally household, motor, commercial (including employers’ liability) and travel policies. The run-off will now be administered by APC.

APC has also commenced discussions with the UK regulators with the aim of returning Folgate to active underwriting.

Brian Russell, APC Underwriting chief executive officer, said: "Acquiring the 137 year old Folgate Insurance Company marks a significant milestone in the development of our underwriting business. With the transfer of the run-off progressing well we are now focused on working with the regulators to consider options for creating our own live insurance company. This will enable APC to both grow faster and develop a wider range of products for brokers.”

A Towergate spokesperson said: “The disposal of this non-core and unused business unit will tidy up our portfolio. It will also enable Towergate’s management team to focus more time on our key strategic objectives of improving our service to customers and achieving sustainable top line growth.”