Folgate is to form a new business Folgate Underwriting Management Speciality Ltd (FUMSL) to manage underwriting capacity in personal and commercial lines for Wellington Underwriting Agencies, the Lloyd's managing agency owned by Wellington Underwriting.
FUMSL will provide underwriting services for Folgate and other selected brokers, said the Folgate Partnership.
The new subsidiary will start writing business from 1 January 2004. Folgate said it aimed to write £65m gross premium through FUMSL by 2005.
David Foreman, chief underwriting officer of Wellington Syndicate 2020 said the arrangement would enable the syndicate to expand further.
"It will enable us to strengthen our existing position within the UK commercial lines business and to take advantage of the current strong trading conditions this class offers."
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