Watford Agrees to Purchase French P&C Insurer
HAMILTON, Bermuda, Dec. 06, 2019 (GLOBE NEWSWIRE) -- Watford Holdings Ltd. ("Watford") (NASDAQ: WTRE) has entered into an agreement to purchase Axeria IARD, a property and casualty insurance company based in France. Watford is acquiring 100% of the capital stock of Axeria IARD from the APRIL group. The transaction is subject to regulatory approval and is expected to close in the Spring of 2020.
Axeria IARD 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.
Watford CEO, John Rathgeber, commented: “This transaction represents another significant milestone in the build-out of our insurance business. 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. 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.”
About Watford Holdings Ltd:
Watford Holdings Ltd. (Nasdaq ticker "WTRE") 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. Its operating subsidiaries have been assigned financial strength ratings of “A-” (Excellent) from A.M. Best and “A” from Kroll Bond Rating Agency.
Cautionary Note Regarding Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 (the “PSLRA”) provides a “safe harbor” for forward-looking statements. This news release contains forward-looking statements. Forward-looking statements, for purposes of the PSLRA or otherwise, generally can be identified by the words “believes,” “expects,” “intends,” “plans,” “estimates” or similar expressions that indicate future events. These forward-looking statements include statements regarding the Axeria IARD acquisition, including the expected timing of the acquisition and the related integration, the benefits of the acquisition and the impact of the acquisition on our and Axeria IARD's business, results of operations and financial condition. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including: uncertainties with respect to obtaining regulatory approval, satisfying other conditions to closing and the timing thereof; market conditions; and other risks set forth in the Company’s Registration Statement on Form S-1 (File No. 333-230080), as amended, filed with the Securities and Exchange Commission (the "SEC"), and in the Company’s periodic reports filed with the SEC. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Watford disclaims any obligation to update these forward-looking statements because of new information, future events or circumstances or other factors.
Contacts
Laurence Richardson (Investor Contact):
