Specialty insurance provider Westfield Specialty International has announced plans to expand its business beyond Lloyd’s Specialty Vehicles into the corporate market.
Westfield Specialty intends to establish a Luxembourg subsidiary and use the platform to underwrite risks on corporate notes in addition to existing underwriting capabilities within Lloyd’s Syndicate 1200, subject to regulatory approval.
In the coming months, the company will announce the appointment of a CEO to lead the new company’s marketing operations, with the new business expected to begin writing in April.
Jack Kuhn, president of Westfield Specialty, said: “Westfield Specialty’s strategic focus is on long-term, sustainable growth, complemented by expansion in the European market. As a jointly owned specialty insurance company, we can take a multi-year view on growth and make long-term investments to successfully strengthen our specialty underwriting capabilities.”
Westfield Specialty’s ultimate owner, Ohio Farmers Insurance Company, has an “A-” financial strength and long-term issuer credit rating from Standard & Poor’s (S&P) and an “A” financial strength rating from AM Best.
