US P&C insurer Westfield Specialty has announced the completion of its acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings.
The international team is well-positioned to leverage the respected 175-year-old Westfield brand alongside the strength and stability of the Lloyd platform.
The transaction will accelerate its entry into international markets, putting its overall portfolio in excess of $1 billion in premium.
Syndicate 1200 was estimated to have a book of business sized at $650 million, focused on numerous lines of specialty insurance.
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.
The deal was first announced in September of last year for a disclosed purchase price of approximately $125 million.
The deal follows a solid year for Westfield Specialty, which wrote nearly $300 million of premium in the US in 2022.
Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo.
by Yana Keller
