AFL acquires US based Zodiac in MGA expansion move
Independent Lloyd’s broker AFL Insurance Brokers has acquired a majority stake in New Jersey-based Zodiac Insurance Services as it expands into the managing general agent (MGA) space.
Zodiac is a Lloyd’s MGA underwriting in excess of $10 million casualty lines business in the US. It specialises in professional, entertainment and event insurance.
Following the deal, Zodiac will operate as a separate entity with its current management team in place.
“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,” said AFL chairman Toby Esser.
“Demand for bespoke products and specialty programmes is increasing in the US and internationally. The strong business David (Zodiac founder and president David Wash) 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.”
AFL CEO Bob Finch added: “David has built up an expert offering focused on underwriting, effective distribution and bespoke, client-first product development. The industries in which Zodiac operates reflect how Lloyd’s positions itself, delivering risk management and cover to people and organisations where finding the most effective insurance product can be a challenge.
“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.”
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