Westfield has announced its entrance into the international speciality market, having struck up a deal to buy Lloyd’s Syndicate 1200 from Argo Group International Holdings.
The acquisition is expected to close in the first half of 2023, and the purchase price is approximately $125 million. Syndicate 1200 has an estimated $650 million book of business, focused on various specialty lines.
The purchase, which remains subject to regulatory approval, will build on Westfield Specialty’s “rapid growth” following its first year in the US market, the business said.
“We’ve had our sights set on the international specialty market since launching our specialty business a year ago, so this is Westfield executing on our original strategy,” said Westfield Specialty president Jack Kuhn.
“We considered multiple pathways but acquiring Syndicate 1200 emerged as a unique opportunity because it gets us into the international specialty market quickly with an established platform while capitalizing on current market dynamics.”
The international specialty business will sit within Westfield Specialty, which is currently targeted to write $250 million of premium in 2022.
The acquisition follows the recent appointment of Graham Evans as executive vice president, Westland Specialty. Evans, who has held leadership positions at Chubb, CNA, AXIS, and Sompo, is expected to develop the business’s international specialty strategy and lead the syndicate’s integration.
“This acquisition is our first step in establishing a global franchise for Westfield,” said Ed Largent, Westfield president, CEO and board chair.
“The international specialty market fits well with our growth ambitions and the opportunity with Lloyd’s Syndicate 1200 jump-starts our entry into this market.”