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North America is likely to be the most financially impacted by the scenario, Lloyd’s said. -
The London carrier posted an undiscounted combined ratio of 79%, up from 74% in 2023.
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The group will house a segment for specialty and benefits and another for underwriting.
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The result is 1.1 points ahead of the midrange of a 6.4%-16.4% forecast.
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The two Asian companies wrote $265mn net premiums in 2024.
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The insurer has participated on McGill and Price Forbes facilities, as well as Amwins.
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The estimate is based on industry losses in the range of $35bn-$45bn.
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Westfield has seen a number of senior underwriters depart the business in recent weeks.
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The niche auto underwriting cell was the first to launch on the MGA platform.
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