Watford acquires French insurer
Bermudian-based insurer Watford Holdings Ltd has entered into an agreement to purchase Axeria IARD, a property and casualty insurance company based in France. Watford is acquiring 100 per cent of the capital stock of Axeria from the April group. Axeria is headquartered in Lyon, France, with branch offices in Lille and Bordeaux, and is active in the French and EU commercial property and casualty insurance market with in-force gross premiums written of approximately €140 million ($155 million).
John Rathgeber, Watford’s CEO, said: “This transaction represents another significant milestone in the buildout of our insurance business. Consistent with our business model, Watford will work closely with our underwriting manager, Arch, to enable Axeria to grow its existing business in France, as well as to develop new insurance business opportunities throughout the European Union.
“We are extremely pleased to acquire such a quality company and look forward to working with Axeria management to quickly integrate Axeria into Watford while continuing to meet the needs of Axeria clients and further enhance Watford shareholder value.”
Watford Holdings Ltd is a global property and casualty insurance and reinsurance company with approximately $1.2 billion in capital as of September 30, 2019, with operations in Bermuda, the United States, and Europe.
The transaction is subject to regulatory approval and is expected to close in the Spring of 2020
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