Westfield secures full minority exit from Lloyd’s syndicate 1200

Westfield Specialty will buy out all minority members of syndicate 1200 following a buyout offer at 62.5p in cash for each £1 of capacity.

The offer was accepted by all unaligned members of the Syndicate for the 2023 year of account in respect to all of their prospective participations for the 2024 year of account, Westfield said.

Westfield will waive or check off on all of the various conditions that had been attached to the initial offer, Westfield noted.

Westfield had announced the bid in July, offering unaligned members an exit after Westfield’s purchase of the dominant stake early this year.

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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