AFL Insurance Brokers Ltd. has acquired a controlling stake in specialist employer protection managing general agency (MGA) Concordia Employment Services Ltd., for an undisclosed sum.
London-based Concordia was launched in 2015 to support UK employers with managing their risks and exposures from workplace disputes. The business distributes its insurance products through brokers as well as direct to employers, with underwriting capacity provided by the London market.
Concordia’s other products and services include risk management tools, employment relations case management support and workplace investigations. Founder and director Philippe Gouraud will remain on the board as a non-executive director and continue to provide strategic oversight to the business, while Concordia client management responsibilities will continue to be handled by Nim Kumar.
“This is a milestone in Concordia’s development; the team and I are delighted that AFL, a company that truly values innovation, recognizes the quality of the products and services Concordia delivers to its clients,” said Concordia Director Philippe Gouraud.
“We are excited to be partnering with Concordia’s talented, entrepreneurial and expert team,” commented AFL Chairman Toby Esser. “The combination with AFL presents the perfect platform for our expanding businesses to continue to strategically grow and diversify into the MGA space. At the same time, Concordia will retain its independence as an MGA, and operate as a separate entity.”
The Concordia team has developed products and services for the specialist employer protection sector, offering real value and insight for its clients,” added AFL CEO Bob Finch.
“This fits perfectly with AFL’s own ethos, our strong and growing retail presence and client base, and our unparalleled positioning with regards to innovation and technology progression,” he said.
Source: AFL Insurance Brokers
Topics Mergers & Acquisitions Agencies Commercial Lines Business Insurance Insurance Wholesale
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