Formerly-defunct Towergate insurer Folgate has been revived by its new owner APC Underwriting, a managing general agent. 

APC acquired Folgate from Towergate in 2014 after it was put into run off.

But now, the insurer has been approved to write primary insurance and is targeting premiums of between £24mn and £26mn next year.

APC boss and the now-owner of Folgate Brian Russell said he hopes to double that figure in the next half decade.

He is also targeting an A-level rating from AM Best to write business from small- and medium-sized enterprises across the UK and Europe.

Having secured approval to write primary insurance, APC is now looking to transfer a number of its staff over to Folgate where they will write on the group’s own paper.

Folgate will initially target around 20 lines of business including directors and officers cover and professional indemnity. It will write niche scheme business through a network of 1,400 brokers.

The insurer is understood to be in the process of putting together a quota share reinsurance structure that will ultimately see it retain between 30 percent and 50 percent of the risk on its books.

At present APC has around 50 staff, although it is expecting increase that to 75 over the next three years.

“It has always been an ambition to move from a Managing General Agent (MGA) into an insurer,” said Russell.

“Folgate has a strong track record as an established insurer with traditional values,” he added.

“I look forward to driving the Folgate business forward, working with a very talented team, whilst maintaining the values established in Folgate’s 138-year old history.”