Westfield Specialty International has reported a nearly 29% increase in gross premiums during the first nine months of 2026, as the London-based specialty carrier expands its operations into Europe and diversifies its product offerings, even as competitors scale back. The company recorded $867 million in gross premiums, up 28.8% from the previous year, resulting in a combined ratio of 93.0%. Overall, the business—encompassing a U.S. specialty unit—saw gross written premiums rise by 27.2% to $1.82 billion, surpassing the company’s projections.
Underwriting income for Westfield Specialty stood at $77.9 million, with the U.S. specialty segment producing $951 million in premiums, reflecting a growth of 25.9%. The company now reports that its premium stream is nearly evenly divided, with 48% sourced from its international operations and 52% from the U.S.
“The fact that we are ahead of our financial targets in this changing market underscores the success of our diversified underwriting strategy,” said Jack Kuhn, president of Westfield Specialty.
Geographic Expansion and New Offerings
Operating in the UK, the U.S., and Dubai, Westfield Specialty is extending its reach into Europe. The company is enhancing its capabilities in both insurance and reinsurance, recently entering the sectors of power and renewables, cyber insurance, and inland marine.
Kuhn emphasized that the company’s broader geographic footprint allows it to optimize distribution channels and provide greater flexibility to brokers. He noted that attracting and retaining talent would be crucial to the company’s ongoing success.
A Resilient Growth in a Softening Market
Westfield Specialty’s growth trajectory is notable within a London and international specialty market characterized by softening prices and reduced activity from many other carriers. For instance, AXA XL, one of the leading specialty providers in London, has decreased its insurance and reinsurance volumes in response to the current market conditions, emphasizing disciplined management amid this downturn.
With a combined ratio of 93%, Westfield Specialty’s international business is growing profitably, though its margins are narrower compared to more established players. Recent ventures into areas like cyber and power and renewables come with risks, as pricing and loss experiences in these sectors can fluctuate rapidly.
A Growing Capacity Source for Brokers
As other providers become more selective, Westfield Specialty International is increasingly seen as a vital source of capacity for London market and specialty brokers. Its expansion into power and renewables as well as cyber and inland marine insurance adds necessary options in areas where brokers often require multiple markets to complete transactions.
Westfield’s presence in London, Dubai, and now Europe allows brokers servicing clients across these regions to engage with a carrier capable of writing locally, which is important for international programs and clients based in the Middle East and continental Europe.
However, brokers remain cautious about the sustainability of this growth. Expanding rapidly in a softening market can challenge underwriting standards, and brokers will be watching to ensure that Westfield Specialty maintains consistent appetite and terms throughout the market cycle, especially in newer lines where the company has less established experience.
