Westfield Specialty to Enter Company Market with New Luxembourg Subsidiary

Westfield Specialty International is set to expand its operations beyond its current focus on Lloyd's of London by creating a presence in the company market. The strategic initiative will involve the establishment of a subsidiary in Luxembourg, which awaits regulatory approval. This new entity will operate in conjunction with Syndicate 1200 at Lloyd's, allowing Westfield to underwrite risks using company paper.

The new Luxembourg-based company is anticipated to commence operations in April, with a Chief Executive Officer to be appointed soon to spearhead the endeavor. Jack Kuhn, President of Westfield Specialty, highlighted the company's focus on long-term sustainable growth in European markets as part of its strategy.

Westfield Specialty benefits from the financial backing of its parent company, Ohio Farmers Insurance Company, which boasts robust financial ratings from S&P and AM Best. This support underpins Westfield's commitment to extending its specialty insurance solutions further into Europe.