Westfield | September 09, 2022
Successfully executing on its Specialty Insurance expansion strategy, Westfield today announced its entrance into the international specialty market via the purchase of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings, Ltd. As a leading property and casualty (P&C) insurance company in the United States, this acquisition accelerates Westfield Specialty’sSM rapid growth after a strong first year in the U.S. market.
Subject to regulatory approval, the acquisition is expected to close in the first half of 2023 for a purchase price of approximately $125 million.
“This acquisition is our first step in establishing a global franchise for Westfield, The international specialty market fits well with our growth ambitions and the opportunity with Lloyd’s Syndicate 1200 jump-starts our entry into this market.”
-Ed Largent, Westfield President, CEO and Board Chair
Syndicate 1200 has an estimated $650 million book of business, which is focused on various lines of specialty insurance. Lloyd’s holds licenses around the globe to underwrite property and casualty business with an “A+” S&P financial strength rating.
Westfield brings deep expertise and experience to the international specialty market. Westfield Specialty President and industry veteran Jack Kuhn has a proven track record of success leading global, multi-billion-dollar specialty businesses and emphasized Westfield’s commitment to international expansion.
We’ve had our sights set on the international specialty market since launching our specialty business a year ago, so this is Westfield executing on our original strategy, We considered multiple pathways but acquiring Syndicate 1200 emerged as a unique opportunity because it gets us into the international specialty market quickly with an established platform while capitalizing on current market dynamics,said Kuhn.
Kuhn recently announced Graham Evans to the Westfield Specialty executive management team as Executive Vice President, Head of International Insurance. Like Kuhn, Evans has deep international specialty expertise from leadership roles at Chubb, CNA, AXIS and his most recent role leading Endurance/Sompo’s European operations. Evans will develop Westfield Specialty’s international strategy and will lead the integration of Lloyd’s Syndicate 1200.
Jack and Graham have enjoyed a long professional relationship spanning more than 20 years in the international specialty market, Together, they will shape the business and build an even stronger portfolio of international business,continued Largent.
The international operation will reside within Westfield Specialty, which currently writes specialty business in the U.S. Under Kuhn’s leadership, the team is targeted to write $250 million of premium in 2022 during its first full year of operation.
Largent echoes the long-term international commitment adding, This is Westfield acting on a timely, strategic opportunity; investing in our business and deploying capital to create value for our customers. Like Lloyd’s, Westfield has a long history approaching 175 years in business and we couldn’t be more excited about this new chapter and working with the Syndicate 1200 team.
Sidley Austin LLP served as legal counsel and Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to Westfield on this transaction.
Westfield is an $8.8 billion (GAAP assets) property-casualty insurance company underwriting commercial, personal, surety and specialty lines of insurance in the U.S.
Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, as a leading property and casualty (P&C) insurance company in the United States, we remain true to their vision and are dedicated to making a positive difference in our customers’ lives.
CyberCube | October 31, 2022
Converge is partnering with CyberCube to provide customers with deeper data and risk solutions, delivering improved business outcomes at lower premiums. Integrating CyberCube’s platforms into Converge’s ecosystem will enhance the quality and depth of the analysis provided to clients across a spectrum of industries and sectors to confidently mitigate risk and strengthen cyber protection.
CyberCube, a leading cyber risk analytics firm, will seamlessly blend its Portfolio Manager platform, Single Point of Failure (SPoF) Intelligence module, and Attritional Loss Model into Converge’s proprietary technology ecosystem. Combined with an adversary-focused underwriting methodology and led by seasoned, executive talent from across the insurance industry, Converge is driving cyber resilience and reducing risk by making the insurance process easy, accessible, and affordable.
“Our partnership with CyberCube aligns perfectly with Converge’s mission of being first to deliver complete, confident cyber protection, Our deep understanding of the challenges faced by our clients combined with tailored risk solutions will allow us to further improve outcomes for their businesses at a lower cost.”
-Anthony Dagostino, Converge CEO & Founder
Pascal Millaire, CyberCube’s CEO, said: We are thrilled to be partnering with Converge as it makes leading cyber risk management and risk solutions accessible and intuitive to firms across the insurance marketplace. Our collaboration will ensure they receive the comprehensive protection they need.
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.
Converge is where cyber insurance, security, and technology intersect to provide businesses with complete cyber protection. Deploying a proprietary data ecosystem underpinned by expert underwriting and risk solutions, we give insurance professionals and customers vital intelligence that delivers improved outcomes at lower premiums. We believe in partnering with our clients, guiding them to be confidently cyber secure through our intuitive tech and seamless user experience, improving protection and mitigating risk. Converge is headquartered in New York and backed by venture firm Forgepoint Capital.
Farm Bureau Mutual Insurance Company of Idaho | October 14, 2022
Farm Bureau Mutual Insurance Company of Idaho (FBM Idaho), the state’s largest domestic personal lines insurer, and Guidewire (NYSE: GWRE) announced that FBM Idaho selected InsuranceSuite on Guidewire Cloud to power core operations, simplify IT operations, quickly adapt to changing market demands, and deliver more value to its agents and policyholders. A Guidewire self-managed customer since 2010, the company plans to migrate InsuranceSuite to Guidewire Cloud across the entire organization at the same time.
“As a regional insurance organization, we need to make sure that we're maximizing resources, and we feel that Guidewire Cloud aligns with our long-term strategy and goals to leverage the capabilities of a broader organization to move us forward and allow us to compete effectively against competitors of all sizes, Guidewire Cloud offers us resource flexibility and cost management by enabling us to stay current on Guidewire’s latest technologies and innovations, while devoting less time to system maintenance and upgrades.”
-Todd Argall, executive vice president and chief executive officer, FBM Idaho
Argall added, InsuranceSuite’s management reporting capabilities are very impressive in the Guidewire Cloud environment to enhance what our team has done. CustomerEngage and ProducerEngage will enable us to take the system to the next level of usability and maximize the experience our agents and customers have in working with us. Another big advantage of Guidewire Cloud is that it will offer us tremendous flexibility to integrate with the best-in-class insurtech solutions in the Guidewire PartnerConnect ecosystem and advance our transformation.
We admire FBM Idaho’s 75 years of service as one of Idaho’s leading auto insurers, the largest writer of farm and ranch insurance in the state, and the largest personal lines insurance company wholly based there, We appreciate the company’s partnership and their confidence in leveraging InsuranceSuite on Guidewire Cloud to amplify their reputation as a company that helps its neighbors,said John Mullen, president and chief revenue officer, Guidewire.
About Farm Bureau Mutual Insurance Company of Idaho
Celebrating 75 years of protecting what matters most in Idaho, Farm Bureau Mutual Insurance Company of Idaho is one of Idaho’s leading auto insurers, the second largest writer of all insurance lines in Idaho, the largest writer of farm and ranch insurance in the state, and the largest personal lines insurance company based solely in Idaho. The company was recently recognized by Forbes as Idaho’s “Best-In-State” insurance company for homeowners insurance.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 500 insurers in 38 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.