Leading independent Lloyd’s broker expands with controlling stake in employer protection specialist
London, 2nd July, 2018: AFL Insurance Brokers Ltd (AFL) today announces the acquisition of a controlling stake in specialist employer protection Managing General Agency (MGA) Concordia Employment Services Limited (Concordia), for an undisclosed sum.
London-based Concordia was launched in 2015 to support UK employers with managing risk and exposure resulting 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.
Concordia Director Philippe 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.”
AFL Chairman Toby Esser said, “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.”
AFL CEO Bob Finch 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.”
