Watford Re

Arch relaunches Watford Re as Somers Re with Cunningham named CEO

In a nod to the founder of Bermuda, Arch Capital has renamed Watford Re as Somers Re, with the name change part of a strategic repositioning following the acquisition of the reinsurer earlier this year as it also named Liz Cunningham as the company’s CEO.

Watford Re taken off review with more investment de-risking expected

Watford Re, which was acquired by Arch Capital in a deal that closed in July, has had its ratings removed from under review with negative implications by AM Best, with the Bermudian reinsurer expected to further de-risk its investment portfolio and diversify into short-tailed lines.

Arch’s Morin: Watford Re to become “closer clone” of Arch Re

Watford Re will soon become “a closer clone” to Arch Re now that the total reinsurer’s acquisition by Arch Capital Group has completed, according to its new parent company’s CFO François Morin.

AM Best keeps Watford on review despite Arch takeover

AM Best has kept its A- financial strength rating for Watford Re under review with negative implications despite Arch recently completing the acquisition of the Bermuda-based reinsurer.

Arch completes Watford deal

Bermudian (re)insurer Arch Capital has completed its acquisition of Watford Holdings.

Arch CEO signals Watford shift from investment to UW risk

Arch Capital’s management expects the Bermudian (re)insurer’s acquisition of Watford Holdings to close in the next few weeks and have highlighted an opportunity for the total return reinsurer to focus more on the underwriting side of its business.

Watford closes acquisition of French insurer Axeria IARD

Watford Holdings has completed the purchase of French property casualty insurer Axeria IARD, a deal that was first announced back in December 2019.

Watford shareholders approve Arch takeover

The shareholders of Watford Holdings have approved the merger with Arch Capital at a special general meeting on 30 March.

Watford reports return to Q4 profit as UW and investment performance improves

In what is expected to be its last quarterly results as a public company, Watford Holdings reported $61.4mn of net profits (Q4 2019: $16.9mn loss) for the last three months of 2020 as underwriting and investment results improved.

Kelso and Warburg Pincus commit $410mn to Watford deal

Private equity giants Kelso and Warburg Pincus have each committed an aggregate cash amount of up to $210mn to the vehicle set up to take Watford Holdings private, with existing minority investor Arch Reinsurance putting up $192.5mn for the $35 a share transaction.

Arch bidding process revealed in Watford proxy filing

Arch Capital entered into confidentiality agreements with both Kelso & Company and Warburg Pincus over a potential deal to acquire Watford Holdings before the total return reinsurer began its own strategic review, according to a proxy statement filed this week in relation to the combination of the two firms.

Rajeh: Rebooted Watford Re to “punch heavier” following acquisition by Arch

Version 2.0 of Watford Re will see the platform “punching a bit heavier than it did in the past”, according to Arch Capital reinsurance CEO Maamoun Rajeh.

AM Best keeps Watford’s A- rating under review despite Arch deal benefits

AM Best has maintained its under review with negative implications status on Watford Re’s A- (Excellent) financial strength rating and “a-” long-term issuer credit ratings, but acknowledged the potential benefits of the Bermudian reinsurer’s proposed acquisition by Arch Capital.

Enstar to make $18.6mn on Watford bet

Enstar is set to record a gain of $18.6mn on its investment in Watford Holdings through the deal which will see Watford acquired by Arch Capital.

Arch puts value on reputation

The brief battle for Watford Holdings looks to have ended after Arch raised its offer and won support from two adversarial shareholders on Monday, but the key driver behind the Bermudian’s move to ward off rival interest may have got lost in the public skirmishes.

Arch increases Watford offer to $35 a share with Enstar support

Arch has agreed a revised deal with Watford Holdings to buy the total return reinsurer for $35.00 a share with backing from private equity firms Warburg Pincus and Kelso & Co, in a move that has gained the support of rival bidder and shareholder Enstar, as well as activist investor Ron Bobman.

Investments drive jump in net profit at Watford

Net investment income of $92.8mn (Q3 2019) more than offset underwriting losses at Watford Holdings as the Bermudian total return reinsurer reported net profits of $78.1mn for the third quarter, compared to a near breakeven $0.2mn in the prior-year period.

Watford board opens up to talks with Enstar over $34.50 a share proposal

The board of Watford Holdings has opened the door to discussions with Enstar after deciding that the $34.50 a share unsolicited, non-binding bid footed by its fellow Bermudian last week could lead to a “superior proposal” than the $31.10 a share deal it has agreed with Arch.

Enstar increases Watford offer to $34.50 a share and makes litigation threat

Enstar has made a second indicative non-binding bid of $34.50 per share for Watford Holdings – up from its initial $31.00 a share offer – and expressed its “strong disappointment” with the total return reinsurer’s board for entering into an agreement to sell to Arch at $31.10 a share.

JMP: No guarantee that Enstar will return with higher Watford offer

Despite Watford Holdings’ share price currently trading at a modest premium to Arch Capital’s $622mn all-cash offer, it is “more likely than it may seem” that rival suitor Enstar could walk away from its own ambitions for the Bermudian, according to JMP Securities analyst Matthew Carletti.

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