Reinsurance News

Watford posts $256mn Q1 investment loss off COVID-19

24th April 2020 - Author: Charlie Wood

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-holdings-logoWatford 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 to be approximately $290 million.

Realised losses in the quarter are estimated to be approximately $6 million.

The impact of COVID-19 on Watford’s Q1 underwriting results is not expected to be material, due to the mix of business underwritten.

Watford expects that its book value will be impacted by unrealized mark-to-market losses to its investment grade portfolio of approximately $38 million.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Global reinsurer capital up 7% in 2019: Aon

Global reinsurer capital rose by 7% to $625 billion in 2019, according to Aon’s Reinsurance Aggregate (ARA) report, which tracked...