Ascot acquires comp specialist AmFed

Ascot Group Ltd. a specialty insurance and reinsurance organization, announced Thursday it has reached an agreement to acquire specialty workers compensation insurer and third-party administrator AmFed National Insurance Co. and its subsidiaries and affiliates.

Terms of the transaction were not disclosed.

Based in Ridgeland, Mississippi, AmFed operates in 15 Southeastern and Midwestern states. Ascot said in its announcement that the acquisition represents its 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 125 employees are expected to remain with the company, Ascot said in a statement, and David Zimmerman has been appointed executive vice president and head of workers compensation for Ascot U.S.