Westfield has introduced that it has accomplished its acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings.
The acquisition will assist Westfield set up itself as a world franchise, whereas expediting the expansion of its specialty arm, Westfield Specialty. A launch talked about that the deal places the general Westfield Specialty portfolio in extra of $1 billion in premium.
The firm launch additionally talked about that Westfield Specialty president Jack Kuhn and govt vice chairman and head of worldwide insurance coverage Graham Evans will collectively construct on the prevailing energy of Syndicate 1200 and create an underwriting-focused, market-leading Lloyd’s enterprise as a core a part of Westfield Specialty.
“This acquisition demonstrates Westfield’s commitment to the international specialty market,” stated 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,” acknowledged Jack Kuhn.
Kuhn additionally indicated that he expects a seamless transition, and that the worldwide workforce is effectively positioned, because it leverages the 175-year-old Westfield model and the energy of the Lloyd’s platform.
Westfield first introduced its plan to accumulate the Lloyd’s Syndicate final September. The buy worth was valued at roughly $125 million.