watford re press release

A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Watford Re L . TAG two friends in the comments . Actual events and results may differ materially from those expressed or implied in these statements. 30, 2019 1 Comment. Furthermore, certain users of the Company’s financial information believe that, for many companies, the timing of the realization of investment gains or losses is largely opportunistic. The AP news staff was not involved in its creation. Other comprehensive income (loss) net of income tax: Unrealized holding gains (losses) arising during the period, Unrealized foreign currency gains (losses) arising during the period, Credit loss recognized in net income (loss), Reclassification of net realized (gains) losses, net of income taxes, included in net income (loss), Unrealized holding gains (losses) of available for sale investments, Other comprehensive income (loss) net of income tax. Of these shares, 27,456 common shares vested in the second quarter of 2020. The Company will hold a conference call on Thursday, July 30, 2020 at 1:00 p.m. Eastern time to discuss its 2020 second quarter results. The following table provides summary information regarding premiums written and earned by line of business: The following table shows the components of our loss and loss adjustment expenses for the three and six months ended June 30, 2020 and 2019: Results for the three months ended June 30, 2020 versus 2019: Gross and net premiums written in the 2020 second quarter were 2.5% and 11.3% lower, respectively, than the 2019 second quarter. Book value per diluted common share was $38.82 at June 30, 2020, an increase of 37.6% from March 31, 2020. Watford, UK. Watford Holdings (NASDAQ:WTRE): Q2 GAAP EPS of $9.51 beats by $4.77.Revenue of $105.86M (-11.3% Y/Y)Press Release 60. Net premiums earned in the 2020 second quarter were 13.1% lower than the 2019 second quarter. For more information please visit www.warburgpincus.com. A live webcast of this call will be available via the Investors section of the Company’s website at http://investors.watfordre.com. All rights reserved. They play in the Championship, the second tier of English football, having been relegated from Premier League in 2020. Come On You 'Orns Watford is a total return global (re)insurer that combines underwriting medium- to long-tail casualty risks with an investment strategy focused on non-investment grade credit assets to generate attractive operating returns. Actual events and results may differ materially from those expressed or implied in these statements. Kelso benefits from a successful investment track record, deep sector expertise, a long-tenured investing team, and a reputation as a preferred partner to management teams and corporates. He was released by the Jaguars on Oct. 12, 2020, and signed to the practice squad on Oct. 13. (2) Net investment income return on average total investments (excluding accrued investment income) is calculated by dividing net investment income by average total investments. PEMBROKE, Bermuda--(BUSINESS WIRE)--Arch Capital Group Ltd. (NASDAQ: ACGL) (“Arch” or “the Company”) and Watford Holdings Ltd. (NASDAQ: WTRE) (“Watford”) today announced a revised definitive agreement under which Arch will acquire all of the common shares of Watford for an increased price of $35.00 per share. Its operating subsidiaries have been assigned financial strength ratings of “A-” (Excellent) from A.M. Best and “A” from Kroll Bond Rating Agency. 1. Rotherham United. Note: This press release is over six months old and the details may have been superseded.Please contact the Press Office for the latest information.. BRE announces Project Etopia as newest Watford Innovation Park partner. (2) Net investment income return on average total investments (excluding accrued investment income) is calculated by dividing net investment income by average total investments. The loss ratio was 79.7% in the 2020 second quarter compared to 73.6% in the 2019 second quarter. The Company believes that showing underwriting income (loss), adjusted underwriting income (loss) and the adjusted combined ratio exclusive of the items referred to above reflects the underlying fundamentals of the Company’s business since the Company evaluates the performance of its business using underwriting income (loss), adjusted underwriting income (loss) and the adjusted combined ratio. Contents: Prepared Remarks; Questions and Answers; Call … A press release when used properly, can be a perfect vehicle for sending out series of messages to the public. “The increased premium and the addition of Warburg Pincus and Kelso as active investment partners will position Watford to capitalize on its significant value generation potential while ensuring continuity of service for all policyholders.”, “This transaction delivers an attractive premium to our shareholders, and offers Watford the opportunity to fulfill its potential as a private company,” said Jon Levy, President and Chief Executive Officer of Watford. AM Best Places Credit Ratings of Watford Re Ltd. and Its Subsidiaries Under Review with Negative Implications. Impaired Driving Press Release. The presentation of the separate components of our investment returns (non-investment grade portfolio and investment grade portfolio) are non-U.S. GAAP financial measures as defined in Regulation G. The reconciliation of such measures to net interest income and net investment income (loss), the most directly comparable U.S. GAAP financial measures, in accordance with Regulation G is included on the following pages of this release. Information regarding Watford’s directors and executive officers is available in its definitive proxy statement for its 2020 annual meeting of shareholders filed with the SEC on April 14, 2020. Safeguarding nurse at West Hertfordshire Hospitals NHS Trust named Nurse of the Year! Over to You. Share eCommerce firm sets up inspirational global HQ in Watford . Arch Capital agrees to raise buyout bid for Watford to $35.00/share from $31.30/share Nov. 2, 2020 at 9:26 a.m. OLDWICK, N.J.--(BUSINESS WIRE)- … All rights reserved. 28th November 2017 . Warburg Pincus LLC is a leading global private equity firm focused on growth investing. Cautionary Note Regarding Forward-Looking Statements. The Company believes that preference dividends, income tax expense, foreign exchange gains (losses), interest expense, net investment income (loss), other underwriting income (loss) and certain corporate expenses in any particular period are not indicative of the performance of, or trends in, the Company’s underwriting performance. Watford recognized a COVID-19 loss provision of $5.2 million, or 4.0 loss ratio points, for the second quarter, almost exclusively arising from business interruption coverage in our property catastrophe reinsurance line of business. December 14, 2020. Clifford Chance has advised Watford on numerous matters including the 2014 initial US$1.13 billion capital raise and launch of its multi-line reinsurance subsidiary, Watford Re Ltd. More recently, the firm advised on Watford’s 2019 direct listing of its common shares on the Nasdaq Global Select Market and its $175.0 million offering of senior notes along with its acquisition of Axeria IARD . Trust … In the absence of a Standard & Poor’s rating, ratings from Moody’s are used, followed by ratings from Fitch, followed by ratings from KBRA, followed by ratings from DBRS. 2714781. See full details. ... the SEC yesterday which contains the Company's earnings press release … Registered Office as above. We look forward to leveraging our industry expertise and capabilities to support Watford in its next phase of growth.”. Cautionary Note Regarding Forward-looking Statements. However, for the investment grade portfolio component of these returns, the impact of revolving credit agreement borrowings is not subtracted from net investment income. Due to these reasons, the Company excludes preference dividends, income tax expense, foreign exchange gains (losses), interest expense, net investment income (loss), other underwriting income (loss) from the calculation of underwriting income (loss), and excludes preference dividends, income tax expense, foreign exchange gains (losses), interest expense, net investment income (loss) and certain corporate expenses from the calculation of adjusted underwriting income (loss) and the adjusted combined ratio. Commenting on the 2020 second quarter financial results, Jon Levy, CEO of Watford, said: “First, we would like to express our sympathy to all those affected by the COVID-19 global pandemic, as well as our appreciation for those who continue to provide support and care to the individuals who need it most. A press release should be considered an single a part of an … Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Press Release Interview with Richard Watford: “I Wanted People to Believe in Me and My Businesses“ November 26 , 2019 - Adversity often lies behind the success of many great achievements. Steve Evans Sat, Mar. Insurance and reinsurance conditions continue to improve. Bosch Media Service contains press releases, press photos, videos and other materials which aim to support reporting about the Bosch Group. Net assets is calculated as the sum of total investments, accrued investment income and receivables for securities sold, less revolving credit agreement borrowings, payable for securities purchased and payables for securities sold short. The transaction is expected to close in the first quarter of 2021 and remains subject to customary closing conditions, including regulatory and shareholder approval. We look forward to deepening our longtime relationship with Arch, and collaborating with our new partners, Kelso and Warburg Pincus.”, Dan Zilberman, Managing Director and Executive Management Group member at Warburg Pincus, added, “We were a founding investor in Arch in 2001 and have followed the company’s development closely since our investment. © 2021 Warburg Pincus LLC. However, for the investment grade portfolio component of these returns, revolving credit agreement borrowings are not subtracted from the net assets calculation. The following tables summarize the components of our total investment return for the three and six months ended June 30, 2020 and 2019: (1) Net unrealized gains (losses) on investments excludes unrealized gains and losses from the available for sale portfolios, which are recorded in other comprehensive income. May 01, 2020 11:23 AM Eastern Daylight Time . This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. The agreement requires approval by holders of a majority of Watford’s outstanding shares. For the three- and six-month periods, average total investments is calculated using the averages of each quarterly period. A.M. Best Assigns Credit Ratings to Watford Insurance Company; Affirms Credit Ratings of Watford Re Ltd. and Its Subsidiaries. The quarterly results include: Following the first quarter of 2020, the novel coronavirus (COVID-19) pandemic has continued to cause unprecedented economic volatility and disruption globally. I’d also like to again thank the Watford employees and broader Watford team who have continued to deliver in this challenging environment. Watford Announces Declaration of Quarterly Dividend on Preference Shares. The following tables present a reconciliation of underwriting income (loss) to net income (loss) available to common shareholders, and a reconciliation of adjusted underwriting income (loss) to underwriting income (loss): The adjusted combined ratio reconciles to the combined ratio for the three and six months ended June 30, 2020 and 2019 as follows: (1) Adjustments include certain corporate expenses, which are deducted from general and administrative expenses, and other underwriting income (loss), which is added to net premiums earned. The COVID-19 global pandemic has created significant uncertainty for the property and casualty industry, though we believe our mix of business is less exposed to classes likely to be materially affected. “We continue to believe in the merits of this compelling opportunity and are pleased to be making this revised offer,” said Marc Grandisson, President and Chief Executive Officer of Arch. November 19, 2020 GMT. Arch owns approximately 13% of Watford’s outstanding shares, and Arch’s directors and executive officers own approximately 2% of Watford’s outstanding shares. Press Releases. The 2020 second quarter investment grade portfolio net interest income yield was 0.4%, a decrease from 0.6% in the prior year period. Andy Stanley (aka DJ Stan the Devil Tune Man) did van sales for the label. Watford, WD17 1DE Tel: +44 19 2321 4000. For more information, please visit www.kelso.com. Book Now Full Details Latest News . The Company incurred an interest expense of $2.9 million for the three months ended June 30, 2020, in relation to the Company’s 6.5% senior notes issued on July 2, 2019. Press Release Nov 19, 2020 20:26 UTC AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Watford Re Ltd. and Its Subsidiaries SA News Tue, Feb. 09. Watford is a strong platform, and we believe that Arch is uniquely qualified to augment its position with its clients and counterparties. Press release content from Business Wire. The Gallery. PEMBROKE, Bermuda -- (BUSINESS WIRE)--Mar. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. We are excited to partner once again with Arch’s talented management team in a new endeavor. The non-investment grade portfolio components of these investment returns reflect the performance of our investment strategy under HPS Investment Partners, LLC (“HPS”), which includes the use of leverage. (1) During the second quarter of 2020, the Company issued 100,958 common shares, related to the restricted share units granted to certain employees and directors in the second quarter of 2019. Trust the template, its 11 proven sections will … Press Release Legacy Solutions Report 2020. We believe our insurance and reinsurance platforms are well positioned in the hardening marketplace.”.

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