Westfield Specialty International announced its intention to expan
d its business from a Lloyd’s-only vehicle into the company market.
Subject to regulatory approval, Westfield Specialty will launch a Luxembourg subsidiary and use this platform to underwrit
e risks on company paper alongside its existing capacity within Syndicate 1200 at Lloyd’s.
The Luxembourg company is expected to write new business from April with a CEO appointment to lead the new co
mpany market operation expected in the coming months.
“Westfield Specialty’s strategic focus is on long-term, sustainable growth, aided by the build-out of our operation in Eur
opean markets. As a mutual-owned specialty insurer, we can take a multi-year view on growth and invest for the lo
ng term in building a successful addition to our specialty underwriti
ng capacity,” according to Jack Kuhn, president of Westfield Specialty.
Westfield Specialty International is part of Westfield Specialty, a specialty insurance carrier that leverage
s the financial strength of Ohio Farmers Insurance Co. (OFIC), a leading US-based property and casualty insuran
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ce company. Syndicate 1200 is an established Lloyd’s of London syndicate that was acquired by OFIC in 2023. West
field Specialty currently underwrites 10 lines of business in the U.S., 15 in the U.K., 5 in Dubai, and has over 400 employees.
Ohio Farmers Insurance Co. has an “A-” financial strength and long-
term issuer credit rating from S&P and an “A” financial strength rating from AM Best.
Scientific studies have shown that measures to prevent wind-blown embers from igniting a home dramatically increase
s its chance of survival. Wildfire officials and insurance executive
s have pushed for a stringent interpretation of the law amid residents’
rticularly in Southern California.
A similar dynamic led the state in 2023 to put the regulations on
hold after missing a January deadline that year to enact the rules. A Bloomberg Green investigation found that
the board at that time had refused to ban all combustible
materials within Zone Zero while the governor’s office worried about the cost to homeowners.