Lloyd’s broker AFL Insurance Brokers has acquired majority stake in New Jersey, USA-based Zodiac Insurance Services for an undisclosed amount.
Image: AFL Insurance Brokers acquires stake in Zodiac Insurance. Photo: Courtesy of Nutdanai Apikhomboonwaroot/FreeDigitalPhotos.net.
AFL Insurance Brokers stated that Zodiac Insurance Services is a Lloyd’s managing general agent (MGA) which underwrites more than $10m casualty lines business in the US.
It specializes in professional, entertainment and event insurance. Zodiac offers insurance product underwriting services. It has exclusive products for Lloyd’s of London.
Founded in 2011, by President David Wash, Zodiac offers specialty products as an insurer, specialty broker and Lloyd’s Coverholder licensed in 48 states in the US.
After the acquisition, the present management team will remain in place. Zodiac will retain its independence as an MGA and will continue to operate as a separate entity.
AFL Chairman Toby Esser said, “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. Demand for bespoke products and specialty programmes 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.”
As per the London-based insurance agency, David has built up an expert offering with focus on underwriting, effective distribution and a tailor-made client-first product development. The industries that Zodiac operates in, reflects how Lloyd’s positions itself, providing risk management and cover where finding the right insurance product can be a challenge.
AFL CEO Bob Finch said: “Innovation is at the heart of everything we do. Moving forwards, we plan to introduce new technology to enhance Zodiac’s offering, augmenting its business with digital insurance processing and placing portals.”
Zodiac president David Wash said: “Entrepreneurship, along with acute insurance acumen and genuine respect for the 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.”