Westfield Specialty International, a specialty insurance provider, has announced plans to expand its business from a Lloyd’s-only vehicle into the company market.
Westfield Specialty intends to launch a Luxembourg subsidiary and use this platform to underwrite risks on company paper alongside its existing capacity within Syndicate 1200 at Lloyd’s, subject to regulatory approval.
In the coming months, the company will announce a Chief Executive Officer appointment to lead the new company market operation, which will be expected to write new business from April.
Jack Kuhn, President of Westfield Specialty, said, “Westfield Specialty’s strategic focus is on long-term, sustainable growth, aided by the build-out of our operation in European markets. As a mutual-owned specialty insurer, we can take a multi-year view on growth and invest for the long term in building a successful addition to our specialty underwriting capacity.”
Ohio Farmers Insurance Company, the ultimate owner of Westfield Specialty has an “A-” financial strength and long-term issuer credit rating from S&P and an “A” financial strength rating from AM Best.
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