Arch completes acquisition of Watford Holdings
Bermudian-based Arch Capital Group Ltd, along with investment partners Kelso & Company and Warburg Pincus, have announced completion of the previously disclosed acquisition of Watford Holdings Ltd.
The re/insurer said Watford and Arch originally announced the signing of a definitive merger agreement on November. 2, 2020, through an affiliated entity of which Arch owns approximately 40 per cent, and funds managed by Kelso and Warburg Pincus each own approximately 30 per cent.
Maamoun Rajeh, chairman and chief executive officer of Arch Worldwide Reinsurance Group, said: “We are excited to complete this transaction, which will now allow our partners and Arch to move forward with the next chapter for Watford.
“We believe that the market conditions are ideal for us to develop the franchise and execute a strategy for Watford’s long-term success. I want to thank the teams on all sides for their dedication to successfully completing this transaction.”
Arch Capital Group Ltd said it provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.