UK's Folgate gets PRA approval to re-start underwriting

UK-based Folgate Insurance Company has received approval from the Prudential Regulation Authority (PRA) to once again start writing primary insurance and reinsurance business.

All the business written through Folgate will be underwritten by managing agent APC Underwriting, in a similar setup to a Lloyd’s syndicate, according to a company statement. Folgate was acquired by APC in 2014 after the UK insurer was put into run-off by its former owner Towergate in 2002.

Folgate will be led by APC chief executive officer Brian Russell, who has 40 years of experience in the industry, and has overseen APC Underwriting since its inception 25 years ago.

APC's chief underwriting officer Ian Russell, chief operating officer Jon Bates, and chief financial officer Zoe Spicer have joined the Folgate executive board.

Folgate said it expects to start writing small to medium-sized enterprise (SME) business in the UK and Europe in January 2019. All business written will be via brokers in the UK.

Additionally, over the next two years APC Underwriting will transition its staff, operations and the majority of its business lines over to the Folgate entity.

“We believe this is the first time a UK insurer has been set up to operate like a Lloyd’s syndicate, by using APC as a managing agent,” Russell commented. “Folgate’s revival is good news for the market. This revolutionary new structure will give brokers access to a credible UK-domiciled insurer and keep the Folgate brand alive.”

“It has always been an ambition to move from a managing general agent (MGA) into an insurer,” Russell added. “Folgate has a strong track record as an established insurer with traditional values. I look forward to driving the Folgate business forward, working with a very talented team, whilst maintaining the values established in Folgate’s 138-year old history.”

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