Reinsurance News
Watford Holdings
AM Best places Watford Re & subsidiaries ratings under review amid COVID-19
5th May 2020
Global financial services ratings agency A.M. Best has placed the credit ratings of Watford Re Ltd. and its subsidiaries under review with negative implications, after the company announced that its Q1 2020 results will include a net investment loss of $300 million as a result of COVID-19 impacts on financial ... Read the full article
Watford reports $267.8mn Q1 net loss as COVID-19 hits investment result
5th May 2020
Watford Holdings has reported a net loss of $267.8 million for the first-quarter of 2020, driven by a net investment loss of $262.7 million, mostly the result of $285.5 million of unrealised mark-to-market losses in its non-investment grade fixed-income portfolio. Watford's substantial $267.8 million net loss for the first-quarter of 2020 ... Read the full article
Watford posts $256mn Q1 investment loss off COVID-19
24th April 2020
Bermuda domiciled re/insurance company Watford Holdings is expecting to shoulder a $256 million net investment loss in the first quarter due to coronavirus-related market volatility. Watford says the loss predominantly consists of unrealised mark-to-market losses to its non-investment grade fixed-income portfolio. The impact of unrealised mark-to-market losses on net income is estimated ... Read the full article
Jonathan Levy to succeed Rathgeber as Watford CEO
28th February 2020
Bermuda domiciled insurance and reinsurance company Watford Holdings Ltd. has announced that Jonathan Levy will succeed John Rathgeber as its Chief Executive Officer (CEO), following Rathgeber’s retirement on March 31, 2020. Going forward, Rathgeber will remain a member of Watford’s board of directors and serve as a senior advisor to the ... Read the full article
Watford falls to underwriting loss after bolstering reserves
12th February 2020
Bermuda domiciled insurance and reinsurance company Watford Holdings Ltd. has ended the year with an underwriting loss of $54.1 million, partly due to loss reserve strengthening in US casualty reinsurance in the fourth quarter. Watford has now confirmed that it incurred a $37.8 million loss in Q4 after issuing a ... Read the full article
Watford strengthens loss reserves, warns of Q4 net loss
29th January 2020
Loss reserve strengthening in U.S. casualty reinsurance is to push Bermuda-based Watford Holdings Ltd. to a net loss in the fourth-quarter of 2019. The firm has announced a strengthening of net loss reserves of approximately $28 million across the current and prior accident years. Watford states that the reserve strengthening is in ... Read the full article
Watford Re hires Deloitte’s Cunningham as new Chief Risk Officer
3rd January 2020
Bermuda domiciled reinsurance company Watford Re Ltd., part of re/insurance holding group Watford Holdings Ltd., has hired Liz Cunningham, formerly a Partner at Deloitte, as its new Chief Risk Officer. Watford Re operates as an investment oriented, or total-return style, reinsurance company and is backed by Arch Capital and investment manager ... Read the full article
Watford to acquire French P&C insurer Axeria IARD
9th December 2019
Bermuda domiciled insurance and reinsurance company Watford Holdings Ltd. has entered into an agreement to purchase Axeria IARD, a property and casualty (P&C) insurer based in France. Headquartered in Lyon, Axeria IARD also maintains branch offices in Lille and Bordeaux and is active in the French and EU commercial P&C markets. The ... Read the full article
Watford’s net income falls by 99% in Q3
30th October 2019
Bermuda domiciled insurance and reinsurance company, Watford Holdings Ltd. has announced net income of $0.2 million and a combined ratio of 104% for the third-quarter of 2019. The re/insurer's Q3 result was adversely impacted by charges totalling $5.5 million for accelerated amortization and other one-time payments related to the redemption of ... Read the full article
Watford Holdings falls to underwriting loss in Q2, combined ratio weakens
30th July 2019
Bermudian Watford Holdings Ltd. has reported a combined ratio of 103.5% for the second-quarter of 2019 and an underwriting loss of more than $5.2 million, compared with a combined ratio of 100.6% and an underwriting loss of roughly $1 million in the second-quarter of 2018. Despite the underwriting loss, net income ... Read the full article
Watford reports $6mn underwriting loss in Q1
1st May 2019
Watford Holdings Ltd, the parent company of Bermudian reinsurer Watford Re, has reported an underwriting loss of $6.0 million for the first quarter of 2019. This compares with a loss of $1.3 million for the same period in 2018, with the decline in performance attributable to a 4.2% increase in Watford’s ... Read the full article
Watford Re begins trading on Nasdaq at discount
29th March 2019
Watford Holdings Ltd, the parent company of Bermudian reinsurer Watford Re, has announced that its common shares have begun trading on the Nasdaq Global Select Market. The company's shares debuted on the Nasdaq under the symbol 'WTRE' at $25.26, a roughly 36% discount to book value, but had added 7% to close ... Read the full article
Watford Re’s parent files for NASDAQ IPO
30th January 2019
The parent company of Bermudian reinsurer Watford Re, Watford Holdings Ltd., has announced that it has now publicly filed a registration statement on Form 10 with the U.S. Securities and Exchange Commission, as it looks to be listed on the NASDAQ Global Market. Watford Re is the third-party capital backed total-return ... Read the full article
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