Westfield bids on minority capacity at syndicate 1200

Westfield Specialty will offer 62.5p in cash for each £1 of capacity from any minority members of syndicate 1200 wishing to exit following Westfield’s purchase of the dominant stake early this year, documentation for a pending deal shows.

Fellow syndicate members have until August 2 to declare their stance on the bid for 2024 capacity.

Westfield units were listed as having £456.4 million in 1200 capacity in 2022 versus £500 million in listed syndicate stamp capacity. Stamp capacity was raised to £546.1 million for 2023.

Westfield, a unit of Ohio Farmers, completed its strategic acquisition of Argo Underwriting Agency and its Lloyd’s Syndicate 1200 in February.

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