Tuesday, December 6, 2022
HomeInsuranceWestfield to enter worldwide specialty market with Lloyd's syndicate purchase

Westfield to enter worldwide specialty market with Lloyd’s syndicate purchase

The acquisition, which stays topic to regulatory approval, will construct on Westfield Specialty’s “speedy development” following its first yr within the US market, the enterprise stated.

“We’ve had our sights set on the worldwide specialty market since launching our specialty enterprise a yr in the past, so that is Westfield executing on our unique technique,” stated Westfield Specialty president Jack Kuhn.

“We thought-about a number of pathways however buying Syndicate 1200 emerged as a singular alternative as a result of it will get us into the worldwide specialty market rapidly with a longtime platform whereas capitalizing on present market dynamics.”

The worldwide specialty enterprise will sit inside Westfield Specialty, which is at the moment focused to put in writing $250 million of premium in 2022.

The acquisition follows the current appointment of Graham Evans as govt vp, Westland Specialty. Evans, who has held management positions at Chubb, CNA, AXIS, and Sompo, is anticipated to develop the enterprise’s worldwide specialty technique and lead the syndicate’s integration.

“This acquisition is our first step in establishing a world franchise for Westfield,” stated Ed Largent, Westfield president, CEO and board chair.

“The worldwide specialty market matches effectively with our development ambitions and the chance with Lloyd’s Syndicate 1200 jump-starts our entry into this market.”


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