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 reinsurance venture that is part-owned by re/insurer Arch Capital, and asset manager Highbridge Principal Strategies.
Its parent, Watford Holdings, announced in the summer of last year that it was still evaluating its options for a listing, but has now confirmed that it has formally filed for a NASDAQ Initial Public Offering (IPO).
The firm states that the timing of the listing is subject to market and other conditions, which includes the effectiveness of the Form 10. Watford notes that there can be no assurances that it will be able to complete the listing.
At the same time, the firm has announced that its board has authorised a share repurchase programme, under which the company can, after the listing, repurchase up to $75 million of its outstanding common shares from time to time on the open market or in privately placed transactions.
