Westfield Expands Into International Specialty Insurance Business With Purchase of Lloyd’s of London Syndicate 1200 From Argo Group
Westfield announced its entry into the international specialty market by acquiring Lloyd’s of London Syndicate 1200 from Argo Group International Holdings (NYSE: ARGO) for approximately $125 million. This strategic move follows Westfield's successful first year in the U.S. specialty market. The acquisition, subject to regulatory approval, positions Westfield to manage a substantial $650 million book of business. With industry veterans leading the initiative, Westfield aims to write an estimated $250 million in premiums during its first full year of operation.
- Acquisition accelerates Westfield's growth strategy in the international specialty market.
- The purchase price of approximately $125 million allows access to a $650 million book of business.
- Experienced leadership team expected to increase operational effectiveness.
- Targets to write $250 million in premium in 2022, indicating strong market entry.
- None.
Subject to regulatory approval, the acquisition is expected to close in the first half of 2023 for a purchase price of approximately
“This acquisition is our first step in establishing a global franchise for Westfield,” commented
Syndicate 1200 has an estimated
Westfield brings deep expertise and experience to the international specialty market. Westfield Specialty President and industry veteran
“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,” said Kuhn. “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.”
Kuhn recently announced
“Jack and Graham have enjoyed a long professional relationship spanning more than 20 years in the international specialty market,” continued Largent. “Together, they will shape the business and build an even stronger portfolio of international business.”
The international operation will reside within Westfield Specialty, which currently writes specialty business in the
Largent echoes the long-term international commitment adding, “This is Westfield acting on a timely, strategic opportunity; investing in our business and deploying capital to create value for our customers. Like Lloyd’s, Westfield has a long history — approaching 175 years in business — and we couldn’t be more excited about this new chapter and working with the Syndicate 1200 team.”
Westfield is an
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, as a leading property and casualty (P&C) insurance company in
Learn more about Westfield at www.westfieldinsurance.com.
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Source: Westfield
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