Westfield has completed the acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings Ltd. for about $125 million.
The deal was first announced in September 2022.
Westfield said this strategic acquisition establishes the company as a global franchise, accelerates Westfield Specialty’s 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 Specialty President Jack Kuhn has a wealth of experience leading global, multi-billion-dollar businesses, said the company. 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, the company said.
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,” Evans said.
“We’re interested in new opportunities for product expansion and in working with clients and brokers to solve problems and find new solutions,” Kuhn commented.
Expecting a seamless transition, Kuhn said, the international team is well positioned and will go to market as Westfield Specialty, leveraging the 175-year-old Westfield brand and the strength and stability of the Lloyd’s platform.
Based in Westfield Center, Ohio, Westfield is a leading U.S.-based property/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. Westfield Specialty wrote nearly $300 million of premium in the U.S. in 2022.
Sidley Austin LLP served as legal counsel and Keefe, Bruyette & Woods, A Stifel Company, served as financial adviser to Westfield on this transaction. Goldman Sachs & Co. LLC served as financial adviser and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo.
About Westfield
Westfield was founded by a group of farmers in 1848 and today underwrites commercial, personal, surety, and specialty lines of coverage through a network of over 1,000 independent agents and brokers. Westfield’s acquisition of Lloyd’s of London Syndicate 1200 establishes the company as a global franchise. Westfield Insurance is the primary subsidiary of Westfield Group.
Source: Westfield and Argo
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