AFL’s USA subsidiary Zodiac fills insurance gap with new D&O cover

Company Profiles, Insurance and Reinsurance, Marine Insurance, Person Profiles — By on January 11, 2019 at 11:17 AM

Zodiac president David Wash

London, 11 January, 2019: Lloyd’s broker AFL Insurance Brokers Ltd (AFL) is delighted to announce that its independent USA managing general agent subsidiary Zodiac Insurance Services, LLC. (Zodiac) has launched innovative new Directors and Officers (D&O) capacity for the global small financial institutions (Small FI) market.

Traditionally, the Small FI market, which includes insurance captives, “desk drawer” insurers, self-funded groups, and a plethora of other special purposes entities, has been forced to place D&O policies alongside those of larger businesses. This has meant that a big company underwriting philosophy has been applied to their insurance requirements, with minimum premiums and deductibles being implemented to risks and exposure that merited a different and more focused approach.

Partnering with underwriters at Lloyd’s, Zodiac has filled this product gap by creating a new Small FI home for these risks, harnessing the required insight and expertise to underwrite smaller accounts and assign an appropriate cost and deductible structure. This approach is available to assist small to middle market D&O buyers of almost every type, particularly special purpose companies where no true fit exists in the traditional marketplace.

Zodiac President David Wash said, “We have spent a lot of time in this market, researching both Professional Liability, including Errors and Omissions (E&O), and D&O needs. We have had great success underwriting E&O for many years, and this new product really completes the circle for us.

It follows a general approach of seeking out clients who qualify as smart people who present complex risk. Unique clients require unique answers, and this is a classic case where an innovative approach was in order. We knew that the compliance needs of Small FI clients could be met without undue financial hardship, unexpected exposure or punitive underwriting terms. Compliance, true protection and reasonableness are finally all found in the same place. We are looking forward to growing in this area alongside of other more traditional D&O opportunities.”

AFL Chairman Toby Esser said, “Zodiac is well-known for its unique entertainment and events insurance offerings, but has also built out a healthy and growing specialist E&O and D&O professional Insurance product line for technical insurance and reinsurance related accounts. Demand for tailored products and specialty programmes is increasing in this space, and Zodiac is ahead of the curve in identifying and addressing the needs of niche markets such as Small FI. I congratulate David on this ground-breaking launch and look forward to further supporting Zodiac’s continued growth throughout 2019.”

AFL CEO Bob Finch said, “David and his team have created a new product that is focused on making buying appropriate insurance easier and more affordable for Small FI clients. This is approach aligns precisely with AFL’s boutique, client-first focus, and demonstrates the well-matched cultures of innovation and value delivery that brought our two businesses together in the first place. Quite simply, solving challenges like this for clients is exactly what the specialist London market is all about.”

AFL acquired a majority stake in Zodiac in September 2018.

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