Westfield Specialty International announced its intention to expand its business from a Lloyd’s-only vehicle into the company market.
Subject to regulatory approval, Westfield Specialty will launch a Luxembourg subsidiary and use this platform to underwrite risks on company paper alongside its existing capacity within Syndicate 1200 at Lloyd’s.
The Luxembourg company is expected to write new business from April with a CEO appointment to lead the new company market operation expected in the coming months.
“Westfield Specialty’s strategic focus is on long-term, sustainable growth, aided by the build-out of our operation in European markets. As a mutual-owned specialty insurer, we can take a multi-year view on growth and invest for the long term in building a successful addition to our specialty underwriting capacity,” according to Jack Kuhn, president of Westfield Specialty.
Westfield Specialty International is part of Westfield Specialty, a specialty insurance carrier that leverages the financial strength of Ohio Farmers Insurance Co. (OFIC), a leading US-based property and casualty insurance company. Syndicate 1200 is an established Lloyd’s of London syndicate that was acquired by OFIC in 2023. Westfield Specialty currently underwrites 10 lines of business in the U.S., 15 in the U.K., 5 in Dubai, and has over 400 employees.
Ohio Farmers Insurance Co. has an “A-” financial strength and long-term issuer credit rating from S&P and an “A” financial strength rating from AM Best.
Source: Westfield Specialty
Topics Excess Surplus New Markets
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