Watford posts $265mn Q1 investment loss as dubs Covid-19 u/w impact “not material”Watford Holdings has estimated a net investment loss of $265mn for the first quarter due to Covid-19 market volatility, however has shrugged off any material impact on its underwriting result.
Watford CEO Rathgeber to depart at end of Q1Watford Holdings CEO John Rathgeber will retire from the position at the end of March and will be replaced by the company’s president Jonathan Levy.
Speculate to accumulate?Enstar’s stake in Watford Holdings looks like a value play rather than anything that would signal the total return reinsurer joining other offshore M&A candidates.
Watford Re posts Q4 loss, calls reserves action “prudent and responsible”Watford Re’s CEO John Rathgeber has called the $28mn of reserve strengthening the company announced in early January “the prudent and responsible course of action” as the reinsurer posted a 128.3% combined ratio for the fourth quarter.
Watford shares slide 9% after reserve charge and profit warningWatford Holdings shares tumbled by more than 9 percent during trading on Wednesday as investors digested news that the total return reinsurer was facing a fourth quarter 2019 net loss after having to boost its casualty reserves by some $28mn.
Watford predicts Q4 net loss after $28mn reserve boostWatford Holdings expects to post a net loss for the fourth quarter of 2019 after taking an estimated $28mn reserve charge for US casualty reinsurance business.
Watford hires Nautilus’s Cunningham as CROLiz Cunningham has joined Watford Holdings as chief risk officer based in its Bermuda office.
Watford to buy $155mn GWP carrier Axeria IARDBermudian Watford Holdings has agreed to acquire French property and casualty (P&C) insurer Axeria IARD, which has in-force gross written premiums of around Eur140mn ($155mn).
Watford Re CEO highlights positives beyond breakeven resultsWatford Re CEO John Rathgeber said that the reinsurer’s Q3 breakeven earnings are stronger than a “cursory reading” of its financials might at first reveal.
Watford Re confident differentiated model will deliver for investorsDespite a lukewarm reception from investors in the months following its March IPO, Watford Re is optimistic that it will deliver strong book value growth for the remainder of 2019 as its “differentiated” total return reinsurer model bears fruit.
Watford Holdings shares plummet 15% on Q2 resultsInvestors have sent Watford Holdings’ share price down to its lowest level since the total return reinsurer completed its direct listing on Nasdaq in March.
Investment income drives Watford profit higherTotal return reinsurer Watford Holdings reported a 52 percent increase in Q2 net profits to $13.8mn as significantly higher net investment income more than offset a deterioration in its underwriting results.
Watford Re gets bullish analyst coverage and Best affirmationAnalysts from JMP Securities and KBW initiated coverage of recently listed Watford Re with “outperform” recommendations and positive views on the Bermudian’s outlook and its iteration of the total return (re)insurer model.
Investments drive Watford profits higher on public debutWatford Holdings reported a surge in net income for the first quarter driven by a threefold increase in net investment income as it released its debut earnings as a publicly listed company.
Watford Re shares list at 36% discountWatford Holdings shares were trading at a 36 percent discount to year-end 2018 book value as the Bermudian total return (re)insurer listed on Nasdaq today.
Watford Holdings confirms Nasdaq direct listing set for 28 MarchWatford Holdings, the Bermudian total return (re)insurer for which Arch Capital acts as reinsurance manager, plans to complete its direct listing on Nasdaq on 28 March.
Hedge fund reinsurer Watford Re confirms NASDAQ IPO intentBermudian Watford Re will test investor appetite for the hedge fund/total return (re)insurance model after formally filing for a NASDAQ IPO.