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Independent Lloyd’s broker AFL Insurance Brokers has announced the acquisition of a majority stake in New Jersey-based Zodiac Insurance Services.
Zodiac specialises in professional, entertainment and event insurance. A Lloyd’s managing general agent, it underwrites in excess of $10 million in casualty lines business. Founded by President David Wash in 2011, Zodiac is licensed in 48 states.
The existing management team at Zodiac will remain in place. It will retain its independence as an MGA, operating as a separate entity, according to AFL.
“Our acquisition of a majority stake in Zodiac is a milestone in AFL’s growth as we further execute our strategy to diversify into the MGA space,” said Toby Esser, AFL chairman. “Demand for bespoke products and specialty programs is increasing in the USA and internationally. The strong business David has created with Zodiac is an excellent platform for further expansion, and we are excited to welcome a professional with David’s entrepreneurial spirit and insight to our business.”
“David has built up an expert offering focused on underwriting, effective distribution and bespoke, client-first product development,” said AFL CEO Bob Finch. “The industries in which Zodiac operates reflect how Lloyd’s positions itself, delivering risk management and cover to people and organizations where finding the most effective insurance product can be a challenge.”
“I have enjoyed a 30-year unbroken history in the industry, literally starting out with personal lines sales across the kitchen table,” Wash said. “That said, I am equally an entrepreneur – a bootstrap creator of business and opportunity. Entrepreneurship, along with acute insurance acumen and genuine respect for he end client, was what I looked for in a partner to invest in Zodiac and really scale up the business. Joining AFL gives us a true London desk, a deep commitment to the Lloyd’s market that is so important to us, and a mix of highly regarded industry veterans alongside very well-selected younger staff. We could not be more excited.”
