AFL Insurance Brokers Ltd has found a perfect match in the form of managing general agent (MGA) Concordia Employment Services Limited.
Snapping up a controlling stake in the employer protection specialist for an undisclosed amount, AFL said founder Philippe Gouraud will remain on the MGA’s board as a non-executive director while Nim Kumar will continue to handle client management responsibilities. Concordia’s underwriting capacity is provided by the London Market.
Aside from insurance products distributed either directly to UK employers or through brokers, the London-based firm also offers risk management tools, employment relations case management support, and workplace investigations.
“The Concordia team are the epitome of a problem-solving, client-first approach business,” noted AFL chief executive Bob Finch. “They have developed products and services for the specialist employer protection sector, offering real value and insight for their clients.
“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.”
For Gouraud, the transaction with the Lloyd’s broker is a milestone in Concordia’s development. “The team and I are delighted that AFL, a company that truly values innovation, recognises the quality of the products and services Concordia delivers to its clients,” he said.
Meanwhile AFL chair Toby Esser commented: “We are excited to be partnering with Concordia’s talented, entrepreneurial, and expert team. The combination with AFL presents the perfect platform for our expanding businesses to continue to strategically grow and diversify into the MGA space.”
Esser added that Concordia will retain its independence and operate as a separate entity.
