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It’s all systems go for Folgate Insurance Company Limited, after it revealed today that it has received approval from the Prudential Regulation Authority to write primary insurance and reinsurance.
In a release confirming the licence, Folgate outlined that all of its business will be underwritten by managing agent APC Underwriting in what it described as a “similar set-up to a Lloyd’s syndicate.”
“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,” said chief executive officer Brian Russell (pictured). “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.”
Folgate was acquired by APC back in 2014 after being put into run-off by former owner Towergate in 2002. Now it will be led by Russell, who boasts a 40-year track record and has been at the helm of APC since its inception 25 years ago. He will be joined on the Folgate executive board by Ian Russell, APC’s chief underwriting officer, Jon Bates, APC’s chief operating officer, and Zoe Spicer, chief financial officer for APC.
The company expects to start writing SME business in the UK and Europe in January next year with all business written via brokers.
“It has always been an ambition to move from a managing general agent (MGA) into an insurer,” Russell said. “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, while maintaining the values established in Folgate’s 138-year old history.”
