AFL Insurance Brokers Ltd, the independent Lloyd’s broker, has acquired a controlling stake in specialist employer protection Managing General Agency (MGA) Concordia Employment Services Limited, for an undisclosed sum.
Based in London, Concordia has been supporting UK employers by managing risks and exposures related to workplace disputes since its launch in 2015.
The business distributes its insurance products through brokers as well as direct to employers, with underwriting capacity provided by the London Market.
Concordia also provides clients with risk management tools, employment relations case management support and workplace investigations.
Following the acquisition, AFL has said that Philippe Gourard, Founder and Director of Concordia, will continue to provide the company with strategic oversight as a Non-Executive Director, while Client Management responsibilities will be handled by current Lead Account Manager and Head of HR, Nim Kumar.
Commenting on AFL’s acquisition, Gouraud said: “This 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.”
Toby Esser, Chairman of AFL, also 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. At the same time, Concordia will retain its independence as an MGA, and operate as a separate entity.”
Bob Finch, Chief Executive Officer (CEO) at AFL, added: “The Concordia team are the epitome of a problem solving, client-first approach business. 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.”