Westfield closes acquisition of Lloyd’s syndicate
Westfield has announced that it has completed its acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings.
The acquisition will help Westfield establish itself as a global franchise, while expediting the growth of its specialty arm, Westfield Specialty. A release mentioned that the deal puts the overall Westfield Specialty portfolio in excess of $1 billion in premium.
The company release also mentioned that Westfield Specialty president Jack Kuhn and executive vice president and head of international insurance Graham Evans will together 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.
“This acquisition demonstrates Westfield’s commitment to the international specialty market,” said Westfield board chair, president and CEO 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.”
“The Syndicate 1200 team has created a successful business, and we are ready to build on their momentum as part of Westfield Specialty,” added Graham Evans.
“We’re interested in new opportunities for product expansion and in working with clients and brokers to solve problems and find new solutions,” stated Jack Kuhn.
Kuhn also indicated that he expects a seamless transition, and that the international team is well positioned, as it leverages the 175-year-old Westfield brand and the strength of the Lloyd’s platform.
Westfield first announced its plan to acquire the Lloyd’s Syndicate last September. The purchase price was valued at approximately $125 million.