APC wants to return Folgate to active underwriting
Towergate has sold its run-off insurance business Folgate to commercial insurance managing general agent APC Underwriting.
Folgate was established in 1877 and stopped writing business in 2002. Since then Towergate has administered the run-off of the business, principally household, motor, commercial including employers’ liability and travel policies. The run-off will now be administered by APC.
A Towergate spokesman said: “The disposal of this non-core and unused business unit will tidy up our portfolio. It will also enable Towergate’s management team to focus more time on our key strategic objectives of improving our service to customers and achieving sustainable top line growth.”
£25m gross writtem premium APC has also asked the UK regulators if Folgate can return to active underwriting.
APC chief executive Brian Russell said: “Acquiring the 137 year old Folgate Insurance Company marks a significant milestone in the development of our underwriting business.
“With the transfer of the run-off progressing well we are now focused on working with the regulators to consider options for creating our own live insurance company. This will enable APC to both grow faster and develop a wider range of products for brokers.”