Is the UK in transition to more sustainable rates?

Are we seeing signs of a more stable market?

Ian Russell, Chief Underwriting Officer says: “It’s starting to feel that way. Other than the Professional Indemnity sector, the UK market has been soft for nearly 20 years. However, things seem to be changing for the better slowly and we are seeing lots of new enquiries where:

✔   Renewals have not been quoted due to capacity withdrawing;

✔   Insurers reducing line sizes; or

✔   Schemes and binding authorities being declined at renewal.

January has also seen new quote volumes increase by 18% against last January which is a sign of something in the market moving. The team are working hard in continuing to provide the best service possible and helping brokers underwrite some tough risks.”

January has come and gone quickly, but we thought we would share some examples of business we have written so far in 2020:

✔ A portfolio of 20 e-cigarette shops; Premium – £7,000

✔ Civil Engineering Contractor secured following a large increase in rates due to a loss. Quoted the day of arrival and incepted. Premium – £8,000

✔ Electrical and security system installer secured as the holding market restricted their appetite for inefficacy cover, we accepted the inefficacy extension with unaltered cover. Premium – £11,000

✔ Property developer and contractor secured as the holding market lost capacity, in excess of £10k premium.

✔ Façade contractor which where current primary insurer reduced line size from £5,000,000 to £2,000,000. Folgate provided the £3,000,0000 in excess of £2,000,000 to support the broker. Premium – £15,000

✔ Well established regional Accountancy practice, again current primary insurer reduced line size at renewal. Folgate provided the £3,000,0000 in excess of £2,000,000 within two hours and the broker retained his client. Premium – £12,500

✔ Hotel based in Scotland. Holding market increased rates considerably, claims free. Folgate incepted with terms similar to 2019. Premium – £13,000

If you have any risks that have potential to cause an issue at renewal or new business stage, please contact the underwriters on 020-7256-3100 or email any urgent submissions to