Folgate Insurance Co. Ltd. The UK has received approval from the Prudential Regulatory Authority (PRA) to begin primary insurance and reinsurance.
All work written through Folgate is written with the general tool APC Underwriting – managed in a setup similar to a Lloyd’s union.
APC Underwriting bought Folgate in 2014 after the insurance company in the UK had been operating in 2002 by its former owner, Towergate. Folgate was first established in 1877.
APC Chief Executive Brian Russell said: “We believe this is the first time the UK insurer has been set up to use APC as a managerial agent as a Lloyd’s union.
“Folgate’s revival is good news for the market. This revolutionary new structure will provide brokers with access to a credible UK resident insurance company and keep the Folgate brand alive. ” All written APC business will be through brokers in the UK.
Folgate will be led by Russell, who has 40 years of experience in the industry and is responsible for APC Underwriting since its foundation 25 years ago.
Folgate received a license on June 6 and is expected to start small and medium-sized businesses (SMEs) in the UK and Europe in 2019.
Over the next two years, APC Underwriting will devote most of its staff, operations and business to Folgate.
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APC’s chief commitment officer Ian Russell, APC’s chief operating officer Jon Bates and APC’s finance director Zoe Spicer joined the Folgate management board.
“It’s always an ambition to move from a general agent (MGA) to an insurance company,” Russell said. “Folgate has a strong history as a resident insurer with traditional values. I am looking forward to working with Folgate while working on a very talented team, while preserving the values of Folgate’s 138-year history. “
Previously, Folgate wrote a business created by major brokers as well as important personal and commercial lines. It is best known for writing the Saga and Motor Association accounts.
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