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Westfield has completed its acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings Ltd. (NYSE: ARGO), enhancing its position in the international specialty insurance market. This strategic move aims to accelerate Westfield Specialty's growth, with the total portfolio exceeding $1 billion in premium. The acquisition is expected to bring deeper expertise and financial strength to Lloyd's, enabling better access for brokers and clients globally. With a remarkable $300 million premium written in the U.S. during 2022, Westfield's leadership anticipates a smooth integration and further product expansion.
Positive
Acquisition establishes Westfield as a global franchise.
Accelerates Westfield Specialty's growth with access to international markets.
Total premium portfolio exceeds $1 billion.
Strong leadership team with extensive experience in the specialty market.
Successful U.S. market performance with $300 million in premiums written in 2022.
Negative
None.
Commits Resources, Expertise to International Specialty Market
WESTFIELD CENTER, Ohio--(BUSINESS WIRE)--
Westfield today announces the completion of its acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings Ltd. (NYSE: ARGO). This strategic acquisition establishes Westfield as a global franchise, accelerates Westfield Specialty’sSM growth after a strong first 18 months in the U.S. market, and puts the overall Westfield Specialty portfolio in excess of $1 billion in premium.
“This acquisition demonstrates Westfield’s commitment to the international specialty market,” says Westfield President, CEO and Board Chair Ed Largent. “The Lloyd’s of London market offers long-term growth opportunities and we’re excited to offer brokers, agents, and clients greater access to Westfield’s expertise and product offerings.”
Westfield brings deep expertise and experience to the international specialty market. Westfield Specialty President Jack Kuhn has a wealth of experience leading global, multi-billion-dollar businesses. Together with Graham Evans, Westfield Specialty Executive Vice President and Head of International Insurance, they will build on the existing strength of Syndicate 1200 and create an underwriting-focused, market-leading Lloyd’s business as a core part of Westfield Specialty.
Kuhn and Evans have a long-established professional relationship spanning more than 20 years in the global specialty market and are excited about the new opportunity.
“The Syndicate 1200 team has created a successful business, and we are ready to build on their momentum as part of Westfield Specialty,” says Evans.
The completion of this transaction accelerates Westfield Specialty’s entry into international markets. It also brings Westfield’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 transaction comes on the heels of a phenomenal year for Westfield Specialty, which wrote nearly $300 million of premium in the U.S. in 2022. Kuhn comments that the newly expanded team will remain methodical, strategic, and focused on profitability as they continue to grow the business.
“We’re interested in new opportunities for product expansion and in working with clients and brokers to solve problems and find new solutions,” says Kuhn.
Kuhn expects a seamless transition. He says that the international team is well positioned and will go to market as Westfield Specialty, leveraging the well-respected, 175-year-old Westfield brand and the strength and stability of the Lloyd platform.
“This transaction significantly accelerates our strategy to become a leading specialty carrier,” Kuhn says. “We look forward to working with Lloyd’s and the international market to provide superior service and solutions.”
Westfield is a leading U.S.-based property and casualty insurance company with $8.5 billion in GAAP assets, providing commercial and personal property and casualty insurance and commercial and contract surety bonds in the U.S. The company also provides specialty lines of insurance in the U.S. and now in the global specialty market.
Sidley Austin LLP served as legal counsel and Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to Westfield on this transaction.
About Westfield
Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, 175 years later, as a leading U.S.-based property and casualty insurance company with $8.5 billion in GAAP assets, Westfield underwrites commercial, personal, surety, and specialty lines of coverage through a network of over 1,000 leading independent agents and brokers. Westfield recently acquired Lloyd’s of London Syndicate 1200, establishing the company as a global franchise. Learn more at www.westfieldinsurance.com.
What is the significance of Westfield's acquisition of Lloyd’s of London Syndicate 1200?
The acquisition enhances Westfield's position in the international specialty insurance market, aiming for accelerated growth and expanded global reach.
How much premium does Westfield Specialty's portfolio exceed after the acquisition?
The acquisition puts Westfield Specialty's total premium portfolio in excess of $1 billion.
What prior performance did Westfield Specialty have in the U.S. market?
Westfield Specialty wrote nearly $300 million of premium in the U.S. during 2022.
Who leads Westfield Specialty after the acquisition?
Jack Kuhn and Graham Evans, both experienced leaders in the global specialty market, will head the newly expanded team.
What are Westfield's future plans following the acquisition?
Westfield plans to focus on profitability, market expansion, and developing new products and solutions for clients and brokers.
