Westfield Streamlines Operations to Focus on Property and Casualty Insurance
WESTFIELD CENTER, Ohio, June 23, 2025 – Westfield, a global property and casualty insurance group, has entered into a definitive agreement to sell its banking subsidiary, Westfield Bancorp, to First Financial Bancorp in a cash and stock transaction valued at $325 million.
This strategic move aligns with Westfield’s long-term vision to concentrate on its property and casualty insurance businesses, where it sees significant potential for profitable growth and innovation. The sale enables Westfield to prioritize investments in its P&C businesses and strengthen its capabilities to drive long-term profitable growth.
“This decision is aligned with our strategic focus on our portfolio of property and casualty insurance businesses,” said Ed Largent, Westfield’s CEO and Board Chair. “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.”
The transaction, expected to close in Q4 2025, is structured as 80% cash ($260 million) and 20% stock (approximately 2.75 million shares) of First Financial Bancorp. The deal is anticipated to be 12% accretive to First Financial’s earnings with a tangible book value earn-back of approximately 2.9 years.
Westfield has been expanding its insurance platform through strategic additions, including Westfield Specialty U.S. and Westfield Specialty International. The sale of Westfield Bancorp represents a broader industry trend of streamlining operations and reinforcing strategic priorities.
“We’re seeing significant momentum across our insurance platforms,” Largent added. “With a refined enterprise focus, we are well positioned for the future.”
The transaction is subject to regulatory approvals and customary closing conditions. First Financial has received approval from Westfield Bancorp’s sole shareholder, Ohio Farmers Insurance Company.
Janney Montgomery Scott served as financial advisor to First Financial, while Keefe, Bruyette & Woods advised Ohio Farmers. Amundsen Davis and Squire Patton Boggs served as legal counsel to First Financial and Ohio Farmers/Westfield Bancorp, respectively.
About Westfield Westfield is a global leader in property and casualty insurance, founded in 1848. The company delivers risk insights and innovative solutions through a network of independent agents and brokers in the U.S. and through Lloyd’s of London Syndicate 1200 for specialty products. As a mutual insurance company with nearly 3,000 employees, Westfield has revenues exceeding $4 billion and assets over $11 billion.
