Westfield enters international specialty market
Westfield Insurance announced its entrance into the international specialty market via the purchase of Lloyd’s of London Syndicate 1200 from Argo Group for ~$125 million.
“This acquisition is our first step in establishing a global franchise for Westfield. The international specialty market fits well with our growth ambitions and the opportunity with Lloyd’s Syndicate 1200 jump-starts our entry into this market.” – Ed Largent, Westfield President, CEO and Board Chair.
Syndicate 1200 has an estimated $650 million book of business, which is focused on various lines of specialty insurance. Lloyd’s holds licenses around the globe to underwrite property and casualty business with an “A+” S&P financial strength rating.
“We’ve had our sights set on the international specialty market since launching our specialty business a year ago, so this is Westfield executing on our original strategy. We considered multiple pathways but acquiring Syndicate 1200 emerged as a unique opportunity because it gets us into the international specialty market quickly with an established platform while capitalizing on current market dynamics.” – Westfield Specialty President and industry veteran Jack Kuhn.