Independent Lloyd’s broker AFL has acquired a controlling stake in UK specialist employer protection MGA, Concordia.
Based in London, Concordia has been supporting UK employers with managing risks and exposure resulting from 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.
The terms of the transaction were not disclosed.
Once the acquisition is complete, AFL said that Concordia 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 client management responsibilities will continue to be handled by Nim Kumar.
Commenting on the deal, AFL chairman Toby Esser remarked: “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.”
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.”