Westfield Specialty’s London-based international business grew premiums by almost 29% in the first nine months of 2026, as the specialty carrier expanded into Europe and new lines while several larger rivals cut back.
Westfield Specialty International wrote $867m of gross premium, up 28.8% from a year earlier, with a combined ratio of 93.0%. Across the whole business, which also includes a US specialty operation, gross written premium rose 27.2% to $1.82bn, ahead of the company’s forecasts. Underwriting income was $77.9m and the combined ratio was 93.2%.
The business is now split almost evenly, with 48% of premium coming from the international platform and 52% from US Specialty, which wrote $951m, up 25.9%.
“The fact that we are ahead of our financial targets in this changing market underscores the success of our diversified underwriting strategy,” said Jack Kuhn, president of Westfield Specialty.
Westfield Specialty operates from the UK, the US and Dubai, and has now expanded into Europe. It is adding capabilities across insurance and reinsurance, and has recently moved into power and renewables, cyber and inland marine.
Kuhn said the wider footprint lets the company make the most of its distribution channels and offer more flexibility to brokers. He said attracting and retaining talent would be a key driver of its success.
Westfield Specialty’s growth stands out in a London and international specialty market where pricing is softening and many carriers are holding back. AXA XL, one of the largest specialty writers in London, cut its insurance and reinsurance volumes in the first nine months, citing disciplined cycle management in softening conditions.
A combined ratio of 93% shows the international business is growing profitably, though with less margin than some more established specialty carriers. Several of its newer lines, including cyber and power and renewables, are areas where pricing and loss experience can shift quickly.
For London market and specialty brokers, Westfield Specialty International is an expanding source of capacity at a time when others are becoming more selective. Its moves into power and renewables, cyber and inland marine add options in classes where brokers often need several markets to complete a placement.
Its presence in London, Dubai and now Europe also gives brokers with clients across these regions a market that can write locally, which can be useful for international programmes and for clients in the Middle East and continental Europe.
The question for brokers is whether the growth can last. Expanding quickly in a softening market is difficult without easing underwriting standards. Brokers will want to see Westfield Specialty keep its appetite and terms consistent through the cycle, particularly in newer classes where its record is still short.
