Independent Lloyd’s broker AFL Insurance Brokers has bought a majority stake in Zodiac Insurance Services.
The financial terms of the deal were not divulged.
The firm offers specialty products, focusing on professional, entertainment as well as event insurance. The firm, established in 2011 by president David Wash, is licensed in 48 states.
In the US, the New Jersey company underwrites more than $10m casualty lines business.
Changing times
AFL CEO Bob Finch said: “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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By GlobalDataIt will continue to operate as a separate business, while retaining its existing management team.
AFL chairman Toby Esser said: “Demand for bespoke products and specialty programmes is increasing in the USA and internationally. The strong business David has created 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.”
