Westfield Specialty grew gross written premium by more than a quarter in the first nine months of 2026, pushing ahead with expansion while several larger specialty carriers cut back in a softening market.
Gross written premium rose 27.2% to $1.82 billion from $1.43 billion a year earlier, ahead of the company’s forecasts. Underwriting income was $77.9 million, and the combined ratio was 93.2%.
The business is split almost evenly between its two platforms. US Specialty wrote $951 million, up 25.9%, with a combined ratio of 93.5%. Westfield Specialty International, based in London, wrote $867 million, up 28.8%, with a combined ratio of 93.0%.
“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 is adding capabilities across insurance and reinsurance, and has recently moved into power and renewables, cyber and inland marine. It operates in the US, UK and Dubai, and has now expanded into Europe.
Kuhn said the wider footprint lets the company make the most of its distribution channels and offer more flexibility to brokers and agents. He said attracting and retaining talent would be a key driver of its success.
Westfield Specialty’s growth stands out in the current market. Several large specialty carriers have reported slower growth or deliberate pullbacks as pricing softens. AXA XL cut casualty and reinsurance volumes in the first nine months, and Global Indemnity’s wholesale commercial premiums fell in the third quarter as it refused to match property rate cuts.
A combined ratio of 93.2% suggests Westfield Specialty is growing at a profit, though by a smaller margin than some more established specialty carriers. The new lines it has moved into, such as cyber and power and renewables, are also lines where pricing and loss trends can change quickly.
For wholesale and specialty brokers, Westfield Specialty is an expanding market at a time when capacity elsewhere is becoming more selective. Its move into power and renewables, cyber and inland marine adds options in lines where brokers often need several markets to complete a placement.
The expansion into Europe and its operations in London and Dubai also give brokers with international clients another market that can write across regions.
The question for brokers will be durability. Fast growth in a softening market can be hard to sustain without loosening underwriting standards. Brokers will want to see Westfield Specialty maintain its appetite and terms as the cycle continues, especially in the newer lines where its track record is still short.
