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 company has in-force gross written premiums of approximately €140 million.
Watford plans to acquire 100% of the capital stock of Axeria IARD from its current owner, APRIL group.
“This transaction represents another significant milestone in the build-out of our insurance business,” said John Rathgeber, Chief Executive Officer (CEO) at Watford.
“Consistent with our business model, Watford will work closely with our underwriting manager, Arch, to enable Axeria IARD to grow its existing business in France, as well as to develop new insurance business opportunities throughout the European Union,” Rathgeber continued.
“We are extremely pleased to acquire such a quality company and look forward to working with Axeria management to quickly integrate Axeria IARD into Watford while continuing to meet the needs of Axeria IARD clients and further enhance Watford shareholder value.”
Watford stipulated that the acquisition remains subject to regulatory approval, and is expected to close in the Spring of 2020.