Westfield Insurance Co. said on Thursday that it will enter the international specialty insurance market with the $125 million acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings Ltd.
The acquisition, which is expected to close in the first half of 2023, follows Westfield Center, Ohio-based Westfield’s purchase last year of the renewal rights to Argo’s US specialty real estate business for an undisclosed amount.
The acquisition of the Lloyd’s syndicate is the first step in establishing a global franchise for Westfield, said the insurance company’s president and CEO, Ed Largent, in a statement.
Tom Bradley, executive chairman and CEO of Bermuda-based Argo, said the sale will better position the insurer to concentrate on growth in the US
Syndicate 1200 has a $650 million book of business comprised of various specialty insurances, Westfield said.
The insurer said its international business will be housed within its Westfield Specialty unit and will be led by Graham Evans, vice president and head of international insurance. Evans is a former director of Sompo International Holdings Ltd.