Westfield inks banking arm deal

Westfield, a property and casualty insurance group, has announced that its parent company, Ohio Farmers Insurance Company, has entered into a definitive agreement to sell Westfield Bancorp to First Financial Bancorp in a cash and stock transaction. 

The transaction is part of Westfield’s strategy to focus on its core P&C insurance operations. 

Under the terms of the agreement, First Financial will acquire 100% of the stock of Westfield Bancorp from Ohio Farmers. The deal is valued at $325 million and will be paid 80% in cash and 20% in stock. 

Specifically, the transaction will include $260 million in cash and approximately 2.75 million shares of First Financial stock, valued at about $65 million based on the 10-day volume weighted average price of the stock as of June 20. 

First Financial expects the transaction to be 12% accretive to earnings, with a tangible book value earn-back period of approximately 2.9 years. The deal is expected to close in the fourth quarter of 2025, pending regulatory approvals and standard closing conditions. 

Ed Largent (pictured above), CEO and board chair of Westfield, said the decision reflects the company’s concentration on its P&C portfolio, including recent expansions into the specialty insurance sector through Westfield Specialty U.S. and Westfield Specialty International. 

“The sale enables us to prioritize investments in our P&C businesses – where we see the greatest opportunity – and to strengthen capabilities that continue driving long-term profitable growth,” Largent said. 

In recent years, Westfield has expanded its insurance platform to include a broader mix of business lines and services, building on its base in standard commercial and personal lines. 

(AC) Westfield Specialty, a core part of this expansion, has scaled rapidly since its launch in 2021. The company has built a presence across the US, UK, and Dubai, writing multiple lines of specialty coverage. 

The 2023 acquisition of Lloyd’s Syndicate 1200 significantly extended Westfield’s international reach. For 2025, the syndicate is projected to generate gross written premiums of £774 million, contributing meaningfully to the group’s diversified underwriting operations. 

Westfield Specialty has also introduced targeted products for niche markets. Among these is a Contractors Pollution and Professional Liability (CPPL) policy, designed to address coverage gaps commonly found in traditional general liability policies. 

With the exit from banking, Westfield joins other industry players in narrowing operational scope to focus on insurance performance. 

“We’re seeing significant momentum across our insurance platforms,” Largent said. “With a refined enterprise focus, we are well positioned for the future.”