The launch of Westfield Specialty will create opportunities to grow profitably, attract new customers and strengthen relationships with existing customers.
Westfield, a super-regional property-casualty insurance company, is entering the specialty insurance business with the launch of Westfield Specialty.
Market conditions, coupled with Westfield's financial strength—an A rating from AM Best—and a well-established brand drove the decision. This endeavor will create additional opportunities to grow profitably, attract new customers and strengthen relationships with existing customers. It will also enhance the financial diversification of Westfield's p-c portfolio.
“The strength of our corporate financial position combined with our ability to move quickly and invest in this opportunity positions us to be an even stronger player in the p-c market," said Ed Largent, Westfield president, CEO and board chair. “Our expectation is to methodically enter lines of business where we can attract top talent and grow profitably."
To lead this new business, Westfield has appointed insurance veteran Jack Kuhn as President.
Throughout his career, Kuhn has successfully built and scaled insurance businesses multiple times. He has been responsible for U.S. and global insurance portfolios of more than $6 billion in premiums across the various executive leadership roles he has held within the insurance industry.
“Hiring the right leader was paramount," Largent commented. “Jack is a veteran, experienced insurance leader ready to launch a successful specialty business at Westfield. He is highly respected throughout the insurance and reinsurance industry and has a strong talent network to tap into as he builds his team."
“I am excited about the opportunity to establish a broad and diverse portfolio of specialty business through deep relationships and expertise," Kuhn said. “We're building something that will stand the test of time."
Over its 173-year history, Westfield's business has been built by successfully entering new markets. “Westfield Specialty will allow us to bring even more value to customers as we broaden our presence in the p-c marketplace," Largent added.
Will Jones is IA editor-in-chief.