Lloyd’s broker AFL Insurance Brokers has acquired a controlling stake in employer protection specialist Concordia Employment Services Limited (Concordia), for an undisclosed sum.
Concordia is a London-based company launched in 2015, which supports UK employers in managing risk and exposure resulting from workplace disputes.
The business sells its insurance products through brokers as well as, sells it directly to employers, with underwriting capacity provided by the London market.
Other products and services from Concordia include risk management tools, employment relations case management support and workplace investigations.
The company’s founder and director Philippe Gouraud will remain as a non-executive director on the board and will continue to provide strategic oversight to the business. And, 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 CEO Bob Finch stated that Concordia’s team is an embodiment of problem solving, client-first approach business. The team has developed products and services for specialist employer protection sector, offering real value and insight for their clients. This is a perfect fit with AFL’s own ethos including our growing retail presence and client base and our positioning with regards to innovation and technology progression.
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.”
In March this year, the company started a commercial marine division and appointed Alex Mott as the director of the new division.
The launch of a commercial marine division is a logical step for the company as it continues to grow its business into full service intermediary. The company is responding to increased demand from clients for a modern, proactive approach to processing marine business.