Ascot Signs Agreement to Acquire Workers Compensation Specialist AmFed

David Zimmerman also appointed to Lead New Workers Compensation Division

Ascot Group, a leading global specialty insurance and reinsurance organization, today announces that it has reached a definitive agreement to acquire specialty workers compensation carrier and third-party administrator, AmFed National Insurance Company and its subsidiaries and affiliates (“AmFed”).

AmFed, based in Ridgeland, Mississippi, is a leader in the Mississippi workers compensation industry with licenses in 15 Southeastern and Midwestern states. The acquisition represents Ascot’s entry into the U.S. workers compensation market and the first step in a targeted expansion strategy in select regions across the country.

AmFed’s employees are expected to remain with the company, including the experienced management team who will continue in leadership roles within Ascot’s newly formed Workers Compensation Division.

David Zimmerman has been appointed Executive Vice President and Head of Workers Compensation for Ascot US with responsibility for leading underwriting, strategy, product and business development, and financial performance for Ascot’s workers compensation division nationwide. David brings over 15 years of experience in the specialty workers compensation market. Most recently, David served as SVP and Chief Underwriting Officer for a national specialty workers compensation carrier. David has experience writing workers compensation in nearly every U.S. jurisdiction and has extensive experience underwriting a wide range of industry segments.

Billy Roberts, who founded AmFed in 1993, will continue as Director of AmFed’s insurance subsidiaries and serve as Executive Vice President, Southeast with responsibility for growing Ascot’s presence in the region across multiple lines of business. Greg McLemore will serve as Senior Vice President, Workers’ Compensation, and continue as Director and Chief Operating Officer of AmFed’s insurance subsidiaries.

Matt Kramer, CEO of Ascot’s US Insurance operations, commented:

“The acquisition of AmFed exemplifies Ascot’s commitment to enhancing our operating capabilities to better serve our growing client base. AmFed’s name is synonymous with integrity and stability in Mississippi and the Southeast, and we welcome the addition of their many capabilities to our growing portfolio of specialty insurance products and services in the U.S. market.”

David Zimmerman, EVP, Workers Compensation, commented:

“I am delighted to join Ascot at a very exciting time in their journey and to welcome AmFed into the Ascot Group family. AmFed’s experienced staff and specialized expertise afford a unique opportunity to offer solutions to a broad customer segment within the workers compensation marketplace.”

Billy Roberts, President and CEO of AmFed, commented:

“Becoming part of Ascot Group presents an exciting opportunity for the employees of AmFed, agency and broker partners and most importantly current and future policyholders. We are excited to join Ascot Group and build on the near 30-year record of success at AmFed.”

The completion of the transaction is subject to regulatory approval and other customary closing conditions.