APC in new territory with Folgate buy

Abstract

Movement in the managing general agents space has definitely picked up of late with Towergate in particular making its mark. Last month the consolidator sold Folgate Insurance Co to APC Underwriting. Folgate stopped writing business in 2002 and has been in run-off since, but prior to that had been a broker-only business with at least 180 intermediary partners. This, said APC's chief underwriting officer Ian Russell, was one of the reasons the company chose to purchase the insurer as well as the fact that, before it went into run-off, Folgate wrote similar business to its new Owner.