Folgate Insurance Company has received regulatory approval to begin writing primary insurance and reinsurance business in the UK once again.
Folgate is owned by MGA APC Underwriting, which acquired the UK insurer in 2014 after it was put into run-off by its former owner, Towergate, in 2002. Folgate was originally established in 1877.
Folgate was granted its license by the UK’s Prudential Regulation Authority (PRA) on 6 June and expects to start writing SME business in the UK and Europe in January 2019.
All business written through Folgate will be underwritten by managing agent APC. According to APC, the set-up will be similar to how Lloyd’s syndicates operate.
APC said that it will transition its staff, operations and the majority of its business lines over to Folgate over the next two years.
All business written will be via brokers in the UK.
Folgate will be led by APC CEO Brian Russell, who has been in charge of the business since its inception 25 years ago.
Ian Russell, APC’s CUO, Jon Bates, APC’s COO and Zoe Spicer, CFO for APC, have joined the Folgate executive board.
“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,” remarked Russell.
“It has always been an ambition to move from a Managing General Agent (MGA) into an insurer,” he 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,” Russell concluded.