AFCO Credit Corporation
AFCO Credit Corporation provides insurance premium financing to commercial policyholders across the US, originated primarily through insurance agents and brokers. A wholly-owned subsidiary of Truist Financial Corporation, it operates nationwide under the AFCO Direct brand with embedded Vertafore integrations.
- Company typePrivate
- Founded1954
- HeadquartersRosemont, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What AFCO Credit Corporation does
AFCO Credit Corporation is a US insurance premium finance provider founded in 1954, headquartered in Rosemont, Pennsylvania, and operating nationwide. The company extends credit to commercial insurance policyholders so they can pay premiums on installment plans rather than in a single lump sum, generating revenue primarily through interest and fees on its loan portfolio. Its primary go-to-market is a channel-partner model in which insurance agents and brokers originate premium finance originations on behalf of their insured clients, with every agent/broker relationship positioned as a "valued partnership."
The company's core product is the AFCO Direct platform, which unified legacy AFCO with the acquired BankDirect Capital Finance under a single brand. Supporting technology includes PayMyPremiums (PMP), AFCO's digital premium payment module that directly integrates with Vertafore's AMS360 agency management system and the InsurLink client experience platform, embedding financing into agent workflows. Additional distribution is extended through a partnership with ePayPolicy for digital insurance payments. AFCO is wholly owned by Truist Insurance Holdings, itself a subsidiary of Truist Financial Corporation (NYSE: TFC), and is positioned as one of the nation's leading providers of commercial insurance premium finance.
AFCO Credit Corporation firmographics
Firmographics- Name
- AFCO Credit Corporation
- Legal name
- AFCO Credit Corporation/AFCO Acceptance Corporation
- Website
- https://afco.com
- Company type
- Private
- Founded year
- 1954
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- AFCO Credit Corporation provides insurance premium financing to commercial policyholders across the US, originated primarily through insurance agents and brokers. A wholly-owned subsidiary of Truist Financial Corporation, it operates nationwide under the AFCO Direct brand with embedded Vertafore integrations.
- Ownership category
- akta.pro rank
AFCO Credit Corporation industry classification
Industry- Product category
- Insurance Premium Finance
- NAICS
- Sales Financing (52222)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Rent-to-Own (RTO) Consumer Leasing (FSAKANAE)
Keywords
Where AFCO Credit Corporation is headquartered
LocationHeadquarters
- HQ city
- Rosemont
- HQ country
- United States
- HQ region
- North America
Markets served
AFCO Credit Corporation business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Insurance Premium Finance: AFCO provides loans to insurance policyholders to finance their insurance premiums, typically in the commercial lines segment. The company extends credit to enable insureds to pay premiums on installment plans rather than lump sum.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels2 records
AFCO Credit Corporation product offering
Product offeringCore offering
AFCO Credit Corporation provides insurance premium finance loans that allow commercial insurance policyholders to pay their premiums on installment plans rather than in a single lump sum. Through its AFCO Direct brand, the company serves insurance agents and brokers with quoting, account management, and payment tools, while borrowers interact with the financing through the PayMyPremiums digital platform. AFCO operates as a wholly owned subsidiary of Truist Insurance Holdings, part of Truist Financial Corporation.
Product overview
AFCO Direct is a unified insurance premium finance platform combining legacy AFCO and BankDirect brands under Truist Insurance Holdings. The platform centers on its core AFCO Direct premium financing product, supported by the PayMyPremiums digital payment module that integrates with agency management systems. BankDirect Capital Finance, now part of the unified brand, expanded AFCO's nationwide premium finance capabilities. The product portfolio serves insurance agents, brokers, and their insured clients with financing, payment processing, and account management services.
Differentiator
Problem solved
Functional benefit
Brands
- AFCO Direct: Insurance premium financing solutions
Products and services
- AFCO Direct Insurance Premium Finance Unified insurance premium finance brand combining legacy AFCO and BankDirect Capital Finance. Provides insurance premium financing for commercial policyholders through independent insurance agents and brokers, with quote generation, account management, and payment processing capabilities.
- PayMyPremiums (PMP) Digital payment platform that enables insurance premium financing payments for borrowers and supports invoicing and account servicing. Directly integrates with Vertafore's AMS360 agency management system to embed premium financing into agency workflows.
- BankDirect Capital Finance Nationwide premium finance business acquired by Truist Insurance Holdings and now operated under the unified AFCO Direct brand, providing insurance premium financing services across the United States.
Companies that use AFCO Credit Corporation
Customer profileSegments2 records
Ideal customer profiles2 records
AFCO Credit Corporation technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature1 record
AFCO Credit Corporation partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- ePayPolicycoreAFCO Direct partnered with ePayPolicy to make premium financing solutions more accessible to the insurance industry. The partnership enables easier financing options for insurance customers through digital payment integration.
- VertaforecoreAFCO's PayMyPremiums technology directly integrates with Vertafore's AMS360 agency management system, enabling seamless premium payment processing. Additionally, AFCO partnered with Vertafore on the InsurLink client experience platform to provide invoicing, payment, and premium financing capabilities to independent insurance agencies.
Scale indicators2 records
Recent moves7 records
Expansion highlights4 records
AFCO Credit Corporation competitors and assessment
Company assessmentOthers
- Vertafore: Vertafore is the leading independent insurance agency management system vendor (AMS360, InsurLink) and a core technology partner of AFCO Direct. It does not compete in premium finance but is an integral ecosystem participant whose product surfaces AFCO's financing to agents.
- ePayPolicy: ePayPolicy is an insurance payments platform that has partnered with AFCO Direct to embed premium financing into its payment workflows for the independent agency channel. Comparable as an enabling technology partner rather than a direct premium finance competitor.
- Truist Insurance Holdings: Truist Insurance Holdings, a subsidiary of Truist Financial Corporation, is the parent of AFCO and the sixth-largest insurance brokerage in the U.S. It does not directly compete with AFCO but provides the distribution and capital backbone that channels premium finance opportunities to AFCO.
Direct peers
- IPFS Corporation: IPFS Corporation is a specialty premium finance company focused on installment financing of property and casualty insurance premiums. It competes head-to-head with AFCO in the independent agency channel with a comparable agent-broker-led distribution model.
- First Insurance Funding: First Insurance Funding is the CIBC-owned specialty premium finance company and historically one of the largest U.S. providers of insurance premium financing for personal and commercial lines. It is the closest direct competitor to AFCO Direct in scale, customer mix, and product offering.
- BankDirect Capital Finance: BankDirect Capital Finance was a nationwide insurance premium finance company acquired by Truist Insurance Holdings and unified under AFCO Direct. Prior to acquisition it was a direct competitor with a comparable product set and agent-broker GTM.
- Insurance Credit Premium Exchange (ICPE): ICPE is a specialty premium finance company serving commercial insurance producers with installment premium financing. It is comparable as a niche, agent-channel-focused competitor in the same premium financing category as AFCO Direct.
Broad incumbents
- Mutual of Omaha: Mutual of Omaha is a large, diversified insurance carrier that historically offered premium financing as part of its commercial insurance servicing. It overlaps with AFCO in the commercial insurance premium financing space but as part of a much broader insurance portfolio rather than as a standalone finance specialist.
- Hagerty: Hagerty is a specialty automotive lifestyle and insurance company that offers premium financing options for its collector and classic car policies. It is comparable to AFCO as a finance provider tied to an insurance product but operates as a vertical specialist rather than a horizontal premium finance platform.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
AFCO Credit Corporation financial estimates
Financial estimateRevenue estimate
Valuation estimate
AFCO Credit Corporation leadership team
Management profileNumber of profiles
Profiles1 record
AFCO Credit Corporation subsidiaries and ownership
Company hierarchySubsidiaries1 record
AFCO Credit Corporation funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AFCO Credit Corporation M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AFCO Credit Corporation
What does AFCO Credit Corporation do?
AFCO Credit Corporation provides insurance premium finance loans that allow commercial insurance policyholders to pay their premiums on installment plans rather than in a single lump sum. Through its AFCO Direct brand, the company serves insurance agents and brokers with quoting, account management, and payment tools, while borrowers interact with the financing through the PayMyPremiums digital platform. AFCO operates as a wholly owned subsidiary of Truist Insurance Holdings, part of Truist Financial Corporation.
Is AFCO Credit Corporation a public or private company?
AFCO Credit Corporation is a private company. It is classified as corporate owned and is currently operating.
When was AFCO Credit Corporation founded?
AFCO Credit Corporation was founded in 1954. It employs 251 to 500 people.
Where is AFCO Credit Corporation based?
AFCO Credit Corporation is headquartered in Rosemont, United States, in the North America region.
How does AFCO Credit Corporation make money?
One revenue line is on record: insurance Premium Finance.
Who are AFCO Credit Corporation's main competitors?
Others on record are Vertafore, ePayPolicy and Truist Insurance Holdings. Direct peers are IPFS Corporation, First Insurance Funding, BankDirect Capital Finance and Insurance Credit Premium Exchange (ICPE). Broad incumbents are Mutual of Omaha and Hagerty.
Does AFCO Credit Corporation have an API?
No public API is recorded for AFCO Credit Corporation.
What industry is AFCO Credit Corporation in?
AFCO Credit Corporation's product category is Insurance Premium Finance. Its primary akta.pro industry code is FSAKANAE, Rent-to-Own (RTO) Consumer Leasing. Its NAICS code is 52222 and its SIC code is 6141.