Folgate has poached a team of eight property schemes specialists from Lloyd's syndicate Charrington to create a new underwriting business, Folgate Underwriting Management Specialty Ltd (FUMSL).
Former Charrington director Adrian Thone has been appointed managing director of the new business, which began underwriting on 1 January 2004.
FUMSL will manage a binding authority for personal and commercial lines on behalf of Lloyd's managing agent Wellington Underwriting Agencies and will provide underwriting services for Folgate and other brokers. Folgate aims to write up to £52m in gross written premium through the new business in 2004.
A Folgate spokesman said it would specialise in property-biased commercial lines and household-related personal lines schemes, and he said a number of coverholders had transferred their business with the team.
David Foreman, chief underwriting officer at Wellington's Syndicate 2020 said the deal would enable Wellington to strengthen its position in UK commercial lines business. "This facility will mean that we can continue to expand in classes of business which offer excellent prospects to skilled underwriters," he said.
Folgate executive chairman Peter Cullum said that the creation of FUMSL would provide an extension to Folgate's underwriting capacity. "Adrian and his team are highly experienced and have a successful track record in scheme and affinity business.
"As a former client, I am confident that the team will provide exceptional service to brokers, as well as delivering profitable underwriting results," he said.