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Westfield opens new office in New York



SAN DIEGO – Jack Kuhn, CEO of Westfield Insurance Co.'s special insurance business, said it will open a new office in December in New York as it expands its business to meet the growing demand for coverage.

The New York office will provide Westfield Specialty's total office space with three. It already has offices in Morristown, New Jersey and Alpharetta, Georgia, and some insurers work remotely in Chicago, Dallas and Richmond.

Westfield Specialty has employed 60 people since its launch five months ago and expects to add another 100 in the next calendar year.

Mr. Kuhn said recent employees have joined from a variety of companies, some from regular property / non-life insurance companies. "We look at where the best talent is, and match it with the chemistry and culture we create. We're not just focused on sales growth, it's about building something that stands the test of time," he said.

Westfield Specialty has written $ 1

5 million to $ 16 million in gross premiums since it started operations and the business could grow to $ 1 billion in premiums over the next five years, Kuhn told Business Insurance on Thursday alongside Wholesale and Specialty Insurance Association Annual Marketplace in San Diego.

The insurer currently writes five industries: board and civil servant liability; cyber failures and omissions; financial institutions; excessive damage; and surplus and surplus property.

Average limits between $ 5 million and $ 10 million are available, depending on the line, and it has the ability to set higher limits if justified.

"When you see ma The market is developing over the last 18 months, for Westfield this is an opportunity to enter the segment of the market that it has never been in before, "said Kuhn.

" When you look at the return, if the business is done correctly consistently should provide a good return on the capital that Westfield plans to use in the area, "he said.

Earlier this month, Westfield acquired the renewal rights for Argo International Holdings Ltd's US specialist real estate business.

Westfield. Center, Ohio-based Westfield Insurance Co. in July said it entered the specialty insurance industry.


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