Yesterday Folgate Insurance Company Limited were assigned a Long-Term Issuer Credit Rating (ICR) of BB+ and a Financial Strength Rating (FSR) of B (fair) from A.M Best, with outlook Stable. This news follows Folgate’s recent announcement that, following its launch in December 2018, it will be co-insuring with A rated MS Amlin Lloyd’s syndicate.
Chief Executive Officer of Folgate, Brian Russell said, “We are delighted to announce this important milestone, it has long been the ambition of the board to bring this 140 year established UK London based rated Insurer back to where it belongs and are looking forward to the future of Folgate Insurance Company. Now that this news has been announced, we can focus on our broker community by creating a stable offering based on their needs, and will look to further strengthen its rating over the next 24 months”.
Folgate Insurance Company Ltd will be going live in December and writing business from 1st January 2019. Folgate will give brokers access to classes such as Property, General & Professional Liability, Directors & Officers and Warranty. Folgate also underwrites binding authorities through MGAs, independent brokers, and Lloyd’s coverholders.