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Westfield Insurance Co. said Thursday 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, expected to close in the first half of 2023, follows Westfield Center, Ohio-based Westfield’s purchase last year of the renewal rights on Argo’s U.S. specialty property business for an undisclosed amount.
The Lloyd’s syndicate acquisition is the first step in establishing a global franchise for Westfield, the insurer’s president and CEO, Ed Largent, said 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 U.S.
Syndicate 1200 has a $650 million book of business made up of various lines of specialty insurance, Westfield said.
The insurer said its international operation will reside within its Westfield Specialty unit and will be led by Graham Evans, executive vice president and head of international insurance. Mr. Evans is a former Sompo International Holdings Ltd. executive.