AM Best sees positive implications for Folgate rating after Hadron deal
AM Best is reviewing the ratings of Folgate Insurance after the takeover by Hadron, flagging Folgate is expected to be “strategically important” to the US hybrid carrier.
Hadron, which provides capacity and reinsurance services to managing general underwriters of specialty insurance, revealed the purchase yesterday for an undisclosed sum expanding its footprint from 50 US states and DC to include the UK.
APC Underwriting bought Folgate for £1.9m in 2014 from Towergate, with the insurer having been in run-off since 2002.
StrengthAM Best previously assigned Folgate a financial strength rating of B (Fair) and a long-term issuer credit rating of bb+ (Fair) in 2018.
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