Westfield Specialty Introduces Suite of Management Liability Products
WESTFIELD CENTER, Ohio (March 13, 2023) — After a successful 2022, Westfield Specialty is building on its momentum as the Management Liability (ML) team is now ready to address the coverage needs of public, private, and nonprofit organizations.
The Westfield Specialty ML team is led by industry veterans Executive Vice President and head of Financial Lines Fred W. Cooper and Senior Vice President and head of Management Liability Raymond J. Ash. The team has launched a suite of management liability product offerings on both an admitted and surplus lines basis, including:
• Public Company Primary Directors and Officers (D&O) Policy
• Lead Side-A Difference in Conditions (DIC) Policy
• Excess Liability Policy
• Primary Fiduciary Liability Policy
Westfield Specialty’s ML product offerings are available on an admitted basis in a large number of states and the number continues to grow on an almost daily basis. The Westfield Specialty ML team also continues to expand its management liability product offerings. An Employment Practices Liability Policy and a Private/Nonprofit Policy including Directors & Officers, Employment Practices, Fiduciary, and Crime coverage are in the works and will be launched in early 2023.
“The broker response to our high caliber team and our suite of products has been fantastic,” says Cooper. “We surprised the marketplace by launching admitted capabilities for many of our new products so early in our operations. Our announcement at the end of 2022 that our Excess policy could be used as admitted in 42 states is only a portion of our current admitted capabilities.”
In addition to its comprehensive product offerings, the Westfield Specialty ML underwriting team offers a deep understanding of the industry and management liability coverage. Westfield Specialty’s ML underwriting is backed by exceptional claims handling. Senior Vice President, Specialty Claims, Ari R. Magedoff is a recognized industry leader in the management of financial lines and management liability claims with more than 15 years of financial lines claims experience and a background in securities fraud litigation.
“I am excited to be working with Fred Cooper and Ray Ash, and to be partnering with the ML underwriting team,” says Magedoff. “We’re building a best-in-class claims organization with years of industry experience to support these products and our clients.”
Westfield Specialty, led by respected insurance industry veteran President Jack Kuhn, launched in July 2021 and is currently underwriting in five lines of business: E&S property, E&S excess casualty, professional lines, financial institutions, and management liability, as it looks to add several new lines of business. In its first year in the market, Westfield Specialty wrote nearly $300 million in gross written premium.