Specialty insurer and reinsurer, Ascot Group, has entered the U.S. workers compensation market through the acquisition of specialty workers comp carrier and third-party administrator, AmFed National Insurance Company and its subsidiaries and affiliates.
Mississippi-based AmFed is a leader in the state’s workers comp industry with licenses in 15 Southeastern and Midwestern states.
Following the deal, AmFed’s employees are expected to remain with the firm, including the experienced management team who will hold leadership roles in Ascot’s newly established Workers Compensation Division.
The new division will be led by David Zimmerman as Executive Vice President and Head of Workers Compensation for Ascot US. He takes on responsibility for leading underwriting, strategy, product and business development, and financial performance for Ascot’s workers comp division nationwide.
Zimmerman, who most recently served as Senior Vice President and Chief Underwriting Officer for a national specialty workers comp carrier, brings more than 15 years of experience in the sector to Ascot. He has experience writing workers comp in nearly every U.S. jurisdiction and has extensive experience underwriting a wide range of industry segments.
AmFed’s founder, Billy Roberts, will continue as Director of the company’s insurance subsidiaries and serve as Executive Vice President, Southeast with responsibility for expanding Ascot’s presence in the region across numerous business lines.
Additionally, Greg McLemore will serve as Senior Vice President, Workers’ Compensation, and remain as Director and Chief Operating Officer of AmFed’s insurance subsidiaries.
Matt Kramer, Chief Executive Officer of Ascot’s US Insurance operations, said: “The acquisition of AmFed exemplifies Ascot’s commitment to enhancing our operating capabilities to better serve our growing client base. AmFed’s name is synonymous with integrity and stability in Mississippi and the Southeast, and we welcome the addition of their many capabilities to our growing portfolio of specialty insurance products and services in the U.S. market.”
Zimmerman commented: “I am delighted to join Ascot at a very exciting time in their journey and to welcome AmFed into the Ascot Group family. AmFed’s experienced staff and specialized expertise afford a unique opportunity to offer solutions to a broad customer segment within the workers compensation marketplace.”
Roberts added: “Becoming part of Ascot Group presents an exciting opportunity for the employees of AmFed, agency and broker partners and most importantly current and future policyholders. We are excited to join Ascot Group and build on the near 30-year record of success at AmFed.”
