The acquisition, which stays topic to regulatory approval, will construct on Westfield Specialty’s “fast development” following its first yr within the US market, the enterprise mentioned.
“We’ve had our sights set on the worldwide specialty market since launching our specialty enterprise a yr in the past, so that is Westfield executing on our authentic technique,” mentioned Westfield Specialty president Jack Kuhn.
“We thought of a number of pathways however buying Syndicate 1200 emerged as a novel alternative as a result of it will get us into the worldwide specialty market rapidly with a longtime platform whereas capitalizing on present market dynamics.”
The worldwide specialty enterprise will sit inside Westfield Specialty, which is at present focused to put in writing $250 million of premium in 2022.
The acquisition follows the current appointment of Graham Evans as government vp, Westland Specialty. Evans, who has held management positions at Chubb, CNA, AXIS, and Sompo, is anticipated to develop the enterprise’s worldwide specialty technique and lead the syndicate’s integration.
“This acquisition is our first step in establishing a worldwide franchise for Westfield,” mentioned Ed Largent, Westfield president, CEO and board chair.
“The worldwide specialty market matches nicely with our development ambitions and the chance with Lloyd’s Syndicate 1200 jump-starts our entry into this market.”