(Interior of Lloyd’s of London. Photo credit: Bon Adrien.)
Westfield Insurance (Westfield Center, Ohio), a U.S.-based property/casualty insurer with $8.5 billion in GAAP assets, has announced its completion of the acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings Ltd. (Pembroke, Bermuda). Westfield characterizes the acquisition as establishing the insurer as a global franchise, accelerating Westfield Specialty’s growth after a strong first 18 months in the U.S. market, and raising the overall portfolio of the company to over $1 billion in premium.
“The acquisition demonstrates Westfield’s commitment to the international specialty market,” comments Ed Largent, President, CEO and Chair of the Board, Westfield. “The Lloyd’s of London market offers long-term growth opportunitie4s and we’re excited to offer brokers, agents and clients greater access to Westfield’s expertise and product offerings.”
Westfield reports that it brings deep expertise and experience e to the international specialty market. It cites Westfield Specialty President Jack Kuhn’s leadership of prominent, multi-billion-dollar businesses. The firm says Kuhn will work with Graham Evans, EVP and head of International Insurance, to build on the existing strength of Syndicate 1200 and create an underwriting-focused Lloyd’s business as a core part of Westfield Specialty.
Kuhn and Evans have a long-established professional relationship of more than 20 years in the global specialty market, the Westfield statement notes.
“The Syndicate 1200 team has created a successful business, and we are ready to build on their momentum as part of Westfield specialty,” comments Evans.
Westfield says the completion of the acquisition accelerates Westfield Specialty’s entry into international markets. It also brings the company’s well-established financial strength to Lloyd’s of London with the opportunity to bring new clients, capabilities and even stronger relationships to brokers and clients across the globe, the company statement says.
The Syndicate 1200 transaction follows a strong year, during which Westfield Specialty wrote nearly $300 million in premium in the U.S. Kuhn says that the newly expanded team will remain methodical, strategic and focused o profitability, as it continues to drive growth.
Opportunities for New Product Solution
“We’re interested in new opportunities for product expansion, and in working with clients and brokers to solve problems and find new solutions,” comments Kuhn.
Kuhn adds that he expects a seamless transition and says the international team is well-positioned to go to market as Westfield Specialty, leveraging the well-respected 175-year-old Westfield brand and the strength and stability of the Lloyd’s platform.
“This transaction significantly accelerates our strategy to become a leading specialty carrier,” says Kuhn. “We look forward to working with Lloyd’s and the international market to provide superior service and solutions.”