Westfield Specialty, a US property and casualty insurer, has announced the completion of its acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings.
The deal was first announced in September of last year for a disclosed purchase price of approximately $125 million. At the time, Syndicate 1200 was estimated to have a book of business sized at $650 million, focused on numerous lines of specialty insurance.
Westfield Specialty notes that the transaction will accelerate its entry into international markets, putting its overall portfolio in excess of $1 billion in premium.
Westfield President, CEO and Board Chair, Ed Largent, commented, “This acquisition demonstrates Westfield’s commitment to the international specialty market.
“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.”
Westfield Specialty President Jack Kuhn, together with Graham Evans, Executive Vice President and Head of International Insurance, will build on the existing strength of Syndicate 1200 to create an underwriting-focused, market-leading Lloyd’s business as a core part of Westfield Specialty.
Kuhn said, “We’re interested in new opportunities for product expansion and in working with clients and brokers to solve problems and find new solutions.”
He anticipates a seamless transition, adding that the international team is well-positioned to leverage the respected 175-year-old Westfield brand alongside the strength and stability of the Lloyd platform.
Kuhn continued, “This transaction significantly accelerates our strategy to become a leading specialty carrier. We look forward to working with Lloyd’s and the international market to provide superior service and solutions.”
The deal follows a solid year for Westfield Specialty, which wrote nearly $300 million of premium in the US in 2022.
Thomas A. Bradley, Argo’s executive chairman and CEO, stated, “We are pleased to complete this transaction.
“We thank our Lloyd’s team members for their work and dedication to our business over the years, and we are confident they will have a bright future ahead with Westfield.”
Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo.
