AFL Insurance Brokers, the independent Lloyd’s broker, has purchased a controlling stake in specialist employer protection managing general agency (MGA) Concordia Employment Services for an undisclosed sum.
Concordia, which is based out of London, has supported UK employers by managing risks and exposures resulting from workplace disputes since its roll out in 2015.
Besides brokers, Concordia markets its insurance products through direct to employers, with underwriting capacity provided by the London Market.
Other products and services offered by Concordia include risk management tools, employment relations case management support and workplace investigations.
After completion of the transaction, Concordia founder and director Philippe Gourard will continue to provide the company with strategic oversight as a non-executive director.
Client management responsibilities will be managed by current lead account manager and head of human resources, Nim Kumar.
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: “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.”