AFCO Credit Corporation

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.

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

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

• Insurance premium finance
• Premium financing loans
• Commercial insurance lending
• Agent broker financing
• Installment premium payments

Headquarters

HQ city

Rosemont

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. 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

Core 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.

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• ePayPolicycoreGTM or Marketing PartnerAFCO 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.
• VertaforecoreTechnology or IntegrationAFCO'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

Others

• 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

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AFCO Credit Corporation