Additionally, Sioned Butler has been appointed Chief Financial Officer of Somers Re. Watford Holdings Ltd. is a global property and casualty insurance and reinsurance company with approximately $1.1 billion in capital as of September 30, 2020, comprised of: $172.6 million of senior notes, $52.4 million of contingently redeemable preference shares a Read More Contact Who is Watford Holdings Headquarters Go Legal Entity Identifier (LEI) details Registered By London Stock Exchange LEI Limited Assignment Date 2015-08-26 00:00:00 UTC Record Last Update 2022-06-29 14:25:13 UTC Next Renewal Date Gibraltar Financial Services Commission, Organisation structure & Industry sector leads, Decision Making Process for Regulatory Interventions, Terrorist Names, Anti-Terrorism Orders and Sanctions, Complaints about a Payment Service Provider, Fifth Anti -Money Laundering Directive (5MLD), Brexit: Temporary Permissions Regime, Financial Services Contracts Provisions and EEA Insurers Regim, Investment Firms Prudential Regime (IFPR), What is the Private Sector Pensions Act 2019, FAQ - Employers and Pension Scheme Administrators. | Watford Re and its underwriting subsidiaries have earned an "A- (Excellent)" financial strength rating from A.M. Best Company and an "A" rating from Kroll Bond Rating Agency. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. You will need to pay the first 10 towards any claim (the excess). Rating Disclosure Form, Press Release Gibraltar Financial Services Commission This press release relates to Credit Ratings that have been published on AM Bests website. Watford Insurance Company Europe Ltd AM Best #: 022489 NAIC #:N/A FEIN #:N/A Financial Strength Rating View Definition Rating: A- (Excellent) Affiliation Code: g (Group Rating) Financial Size Category: XI ($750 Million to $1 Billion) Outlook: Stable Action . Pinnacle Insurance is a Top 5 UK Pet insurer with a clear ambition to be the leading Pet healthcare and insurance services partner in the UK. The ratings reflect Somers' balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating. The outlook assigned to these Credit Ratings (ratings) is stable. This web site needs javascript enabled to work properly. ARCH . No: 87598. Up to 24 Months' MOT Cover^^. 0 Ideally looking for someone based within an hour of the Watford region. Speaking . The firm is authorised to carry out services in the following countries: * Firms with an asterisk by their name may have for example a restricted or suspended licence. If you wish to provide additional information about WATFORD INSURANCE COMPANY EUROPE LIMITED, please fill in the form below. Additionally, KBRA affirms the rating of BBB- for Watford Holdings' Watford Group's underwriting subsidiaries, including Watford Insurance, have earned "A-" (Excellent) Financial strength rating from AM Best . Thank You! In addition, AM Best has maintained the under review with negative implications status for the Long-Term ICR of bbb- (Good) and the Long-Term Issue Credit Rating of bb (Fair) on the $225 million ($52 million outstanding) 8.5% cumulative preference shares of Watford Holdings Ltd. (Watford) (Bermuda) [NASDAQ: WTRE], the groups ultimate holding company. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, So Paulo, Shanghai, and Singapore. Director Services (UK) of an Overseas Firm. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Why Not Go Direct on Homeowners, Allstate CEO Asks, Norfolk Southern Ordered to Clean Polluted Site, AM Best Places Watford Re's Ratings Under Review on COVID-19-Related Investment Hit, Federal Court Denies Massachusetts Hospital's Covid-19 Business Insurance Claim, La. To Submit News go to - https://www.ambest.com/bestweek/submitnews.html, Bests News: AM Best Says Title Insurers Post Solid Results Amid Volatile Landscape, Insurers and Corporations Pared Head Counts Amid Artificial Intelligence Adoption, Survey Finds, Saga Breaks Off Talks With Australian Insurtech Over Potential Acromas Deal, Desjardins Completes $551.8 Million Deal for Three Guardian Life Subsidiaries, IGI President: Growth Looks Good in Reinsurance and Short-Tail Lines, AM Best: Title Insurers Post Solid Results Amid Volatile Landscape, Hurricane Ian Losses Push United Insurance Holdings to Bigger Loss in Fourth Quarter, Nationwide Annual Net Operating Income Falls by Half to $1.4 Billion, R&Q in Talks With Regulators to Liquidate Reinsurance Operation, Update: Insurtech Root Fires Chief Financial Officer, James River CEO: Carrier Suspending Casualty Reinsurance Business as Profit Improvement Continues, State Farm Posts $6.7 Billion Annual Net Loss as Incurred Auto Losses Climb Nearly 40%, Berkshire Hathaway CEO: Geico Policies-in-Force Declined by 1.7 Million in 2022, Embattled Insurance Executive Lindberg Indicted in Alleged $2 Billion Scheme, RMS Estimates $5 Billion in Insured Losses From Turkey Earthquakes, Liberty Mutual CEO: Insurer Poised to Capitalize on Market Conditions Following Aggressive Rate, Underwriting Actions, Ian, Net Underwriting Losses Erode Policyholder Surplus, Send UPC Into Receivership, Brookfields $1.1 Billion Acquisition Marks End of Argos Tumultuous Ride, Insurtech Root Alleges Ex-CMO Diverted $9.4 Million to Himself, Bests News: AM Best Says Changes in the Crypto Market Are Mirrored in Ransomware Activity, Donegal CEO: Commercial Lines Retention Strong but New Business Falls Short as Rates Rise, Arch Capital Fourth-Quarter Attributable Net Income Rises 38.6%, AM Best Affirms Credit Ratings of Somers Re Ltd. and Its Subsidiaries, Arch CEO: Insurance Industry Should Have Charged More for Cat Risk, Looks to Hardening as Opportunity, Arch Capital: Cat Losses up to $560 Million Will Negatively Impact Third-Quarter Results, Coalition Launches Cyber Reinsurer Ferian Re With $300 Million in Capital. The name change is part of a strategic repositioning for Somers Re as it builds on the Watford platform that was originally established in 2014 as a total return reinsurer. 660936. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. noninvestment grade corporate credit fixed-income assets to generate attractive operating clare.finnegan@ambest.com, Christopher Sharkey Watford Group has a capitalization of USD 1.2 billion as of December 31, 2017. . Marketing Intern. Included in the review are Watford subsidiaries Gibraltar-based Watford Insurance Co. Europe Ltd. as well as Watford Insurance Co. and Watford Specialty Insurance Co., both based in New Jersey. Out of 137 features in our database, our experts have selected the 48 most important ones. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Guide to Proper Use of Bests Ratings & Assessments. And Canada Credit Cards ABS Review History Of U.S. State Ratings U.S. State Ratings And Outlooks: Current List Credit Trends: U.S. Corporate Bond Yields As Of Feb. 22, 2023 SLIDES: U.S. Europe/EU-based business is underwritten by Axeria IARD. The following links provide access to related data records that AM Best utilizes to provide financial and analytical data on a consolidated or branch basis. %PDF-1.6 % We are part of the Pinnacle Pet Group (PPG) - a pan European fully integrated pet insurance and health services platform, which was set up as a joint venture between JAB Holding Company and BNP Paribas . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. PREMIER UNDERWRITING HOLDINGS (GIBRALTAR) LIMITED, Find all legal entities in the same postal code, CASUALTY & GENERAL INSURANCE COMPANY (EUROPE) LIMITED SUCURSAL, INSUSCANNER INSURANCE AGENCY COMPANY LIMITED, Halco Insurance Company (Bermuda) Limited, JUBILEE GENERAL INSURANCE COMPANY OF TANZANIA LIMITED, Trust International Insurance Company (Cyprus) Limited, FIRST FLOOR, GRAND OCEAN PLAZA, OCEAN VILLAGE, Gibraltar, GX11 1AA, GI, FIRST FLOOR, GRAND OCEAN PLAZA, Ocean Village, GX11 1AA, GI, FIRST FLOOR, GRAND OCEAN PLAZA, Gibraltar, GX11 1AA, GI, FIRST FLOOR, MAJESTIC OCEAN PLAZA, OCEAN VILLAGE, Gibraltar, GX11 1AA, GI, SUITE 3-3, LEISURE ISLAND BUSINESS CENTRE, LEISURE ISLAND, 23 OCEAN CILLAGE PROMENADE, Ocean Village, Gibraltar, GX11 1AA, GI, SOVEREIGN PLACE, 117 MAIN STREET, Gibraltar, GX11 1AA, GI, SUITE 4, 2ND FLOOR, THE WEST WING, MONTARIK HOUSE, 3 BEDLAM COURT, Gibraltar, GX11 1AA, GI, Madison Building, Midtown, Queensway, Gibraltar, GX11 1AA, GI, 211, NEPTUNE HOUSE, MARINA BAY, Gibraltar, GX11 1AA, GI, SUITE 211 NEPTUNE HOUSE, MARINA BAY, PO Box 300, Gibraltar, GX11 1AA, GI, 30/3 CORNWALL'S LANE, Gibraltar, GX11 1AA, GI, 5/5 CRUTCHETT'S RAMP, Gibraltar, GX11 1AA, GI, Suite 7, Hadfield House, Library Street, Gibraltar, GX11 1AA, GI, SUITE 3A CENTRE PLAZA, 2 HORSE BARRACK LANE, Main Street, GX11 1AA, GI, SUITE 1 NORTH, FIRST FLOOR, Albert House, South Esplanade, St Peter Port, GY1 1AJ, GG, 17 Rue De La Republic Marigot, Marigot, FR-MF, 97150, FR, CR Federation Drive and Goodwill Road, Goodwill, DM, 4th Floor, 22 Wellington Road, Parktown, Johannesburg, ZA-GP, 2193, ZA, Stasinou 1, Floor 2, Engkomi, Nicosia, CY-01, 2404, CY, Conyers Corporate Services, Claredon House, Hamilton, BM, Ohio Street 1008, 2, 11, Kivukoni, TZ-02, 11101, TZ, 79, Limassol Avenue, 1&3 Kosti Palama Corner, Aglantzia, Nicosia, CY-01, 2121, CY, 633 East Market Street, Harrisonburg, US-VA, 22801, US, Global Legal Entity Identifier Foundation (GLEIF). The agency also removed from under review with negative implications and downgraded the financial strength ratings to A- (Excellent) from A (Excellent) and the long-term issuer credit ratings to "a-" from "a" of AmTrust Financial Services subsidiaries AmTrust Captive Solutions Ltd., AmTrust Europe Ltd., AmTrust Insurance Co. of Kansas Inc . Founded in 1966, Warburg Pincus has raised 20 private equity funds, which have invested more than $97 billion in over 960 companies in more than 40 countries. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Bests Recent Rating Activity web page. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Bests Recent Rating Activity web page. Customer Service Rep. Salary Range or Wage: 40000 - 60000 GBP Yearly. Details about the extent of our regulation by the FCA are available on request. This means that every time you visit this website you will need to enable or disable cookies again. Partially offsetting these positive rating factors are the inherent risks associated with a start-up company and the risks associated with a leveraged alternative investment strategy. )0(3"IOo?TBo~* In addition, AM Best has affirmed the Long-Term ICR of "bbb-" and the Long-Term Issue Credit Rating of "bb" on the $225 million 8.5% cumulative preference shares of Watford Holdings Ltd . Bests News & Research Service - October 18, 2016 03:14 PM (EDT). There are several high-profile international ratings agencies, who assess the financial stability of insurers and other financial institutions. Oldwick //BestWire// - AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of a- of Watford Re Ltd. (Watford Re) (Bermuda) and its subsidiaries, Watford Insurance Company Europe Limited (WICE) (Gibraltar), Watford Insurance Company (WIC) (New Jersey) and Watford Specialty Insurance Company (WSIC) (New Jersey). Somers Re Ltd., the groups flagship reinsurer, is focused on delivering flexible, creative solutions to clients worldwide. Suite 3, Ground Floor All rights reserved. Further actions could be taken if the ratings agency believes Watfords financial strength has continued to decay or it has not stabilized in a reasonable amount of time. Europort Avenue See the Disclosure information Form or Press Release below for the office and analyst at the time of the rating event. After seven years operating under the Watford name, reestablishing the company as Somers Re marks a new chapter for the franchise, said Maamoun Rajeh, Chairman and CEO of Archs Worldwide Reinsurance Group and a member of the Board of Somers Holdings. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Bests Recent Rating Activity web page. Further rating action may also be taken if AM Best believes Watfords measured levels of balance sheet strength, operating performance, business profile, or enterprise risk management are no longer able to support its current rating level. Between 2012 and 2021, the number of people owning. Watford Insurance Company (Europe) Limited Export contact Insurer GC Code UK Insurer Code UK-515 Contact informations 1st Floor Ocean Village Gibraltar Gibraltar United Kingdom WICEclaims@watfordre.com 00350 200 74570 Export list Claims representatives Export list Correspondents This site uses cookies to enhance your user experience. *This credit rating reflects the benefit of the unconditional guarantee provided by Allied World Assurance Company, Ltd, whereby it guarantees all of the obligations under the insurance policies and reinsurance contracts of Allied World Assurance Company, AG where such obligations have . What Are the Key Elements of a Captive Feasibility Study? Kroll Bond Rating Agency (KBRA) has affirmed the insurance financial strength ratings of A for AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Ratings of" a-" of Somers Re Ltd. and its subsidiaries: Watford Insurance Company Europe Limited . AM Best will continue to evaluate Watfords balance sheet strength, operating performance and enterprise risk management to assess that it stays in line with projected amounts. 709360. These cookies dont collect information that identifies you personally as a visitor. If you disable this cookie, we will not be able to save your preferences. Gibraltar . AM Best expects to resolve the under review with negative implications status when Watfords risk-adjusted capitalization is restored back to its prior level. Thank You! #Watford LLC Thanks to the new P-to-C business model developed by Richard Watford . WSIC and WIC each have an AM Best Financial Strength rating of "A-" (Excellent) and are in Financial Category XII ($1 billion to $1.25 billion) due to their affiliation with Watford Re. Butler most recently served as controller for Watford Re and has over 15 years of finance experience, including serving as an auditor at KPMG. This website uses cookies so that we can provide you with the best user experience possible. Additionally, A.M. Best has stress-tested risk-adjusted capitalization for simultaneous adverse underwriting and investment events and Watford appears to be adequately capitalized under those conditions. The firm has more than $67 billion in private equity assets under management. Watfords underwriting risk coupled with the leveraged alternative investment strategy creates an elevated risk profile that could expose Watford on the asset and liability sides of the balance sheet. However, although the transaction has closed, the ultimate impact to Watford's ratings will be determined when AM Best has met with management and analyzed the group's business plans, including an analysis of future investment risk, financial projections and operating structure within the Arch group. Each of WSIC and WIC carries an AM Best Financial Strength Rating of "A-" (Excellent), and through its Group affiliation with Watford Re is in Financial Size Category XII ($1 Billion to $1.25 Billion). On July 2, 2021, Watford Holdings Ltd. was acquired by Arch Capital Group Ltd. (40%) and funds managed by Kelso & Company (30%) and Warburg Pincus (30%). AM Best. Based on AM Best's analysis, 033495 - R&Q Insurance Holdings Ltd is the AMB Ultimate Parent and identifies Targeted or advertising cookies collect information about your browsing habits. Watford Specialty Insurance Company and Watford Insurance Company will serve U.S.-based customers, Watford Insurance Company (Europe) Limited will serve UK-based customers and Axeria IARD will provide capacity to clients across continental Europe. This press release relates to Credit Ratings that have been published on AM Bests website. The net investment loss is expected to be predominantly comprised of unrealized mark-to-market losses to Watfords non-investment grade, fixed-income portfolio, said AM Best. June 06, 2019 Watford Insurance Company Europe Limited; Alwyn Insurance Company Limited; and Southern Rock Insurance Company Limited. 5644 +1 908 439 2200, ext. Watford Insurance Company Europe Limited Active. Thank you! AM Best acknowledges that the transaction with Arch could benefit the Watford group through potential further de-risking of its investment portfolio, removing the burden of public company status, and possible rating enhancement stemming from being a member of a large, well-diversified group. Listing for: Sheridan Ward Recruitment Services Limited. Please do not leave any private information here. Senior Financial Analyst Negative rating actions could occur if Watfords operating performance is weak or inconsistent, if the company experiences large underwriting or investing losses or if risk-adjusted capitalization becomes strained. :. OLDWICK, N.J., November 18, 2022--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of Somers Re Ltd. (Bermuda) and its subsidiaries: Watford Insurance Company Europe Limited (Gibraltar); Watford Insurance Company (New Jersey); Watford Specialty Insurance Company (New Jersey); and Axeria IARD (France . WATFORD INSURANCE COMPANY EUROPE LIMITED WELWYN INSURANCE COMPANY LIMITED address: FIRST FLOOR, GRAND OCEAN PLAZA, OCEAN VILLAGE, Gibraltar, GX11 1AA, GI Entity Overview Registration Authority Entity Legal Form Legal Form Code WBKH LEI Registration Entity Relationship Reporting Exceptions Office Location Entities in the same location About Somers Group Holdings Ltd. the topmost entity of the corporate structure. Watford : AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Watford Re Ltd. and Its Subsidiaries | MarketScreener Homepage Equities United States Nasdaq Watford Holdings Ltd. News Summary WTRE BMG947871015 WATFORD HOLDINGS LTD. (WTRE) Add to my list The firms active portfolio of more than 215 companies is highly diversified by stage, sector, and geography. Watford Specialty Insurance Company and Watford Insurance Company will serve U.S.-based customers, Watford Insurance Company (Europe) Limited will serve UK-based customers and Axeria IARD will provide capacity to clients across continental Europe. July 20, 2022. Company reviews. Watfords assets are managed by HPS, a New York-based, SEC-registered investment adviser. In addition, WICE is rated A by Kroll Bond Rating Agency as a member of Somers Group Holdings Ltd. WICE was founded to engage in long term relationships in Coinsurance, Managing General Agency, Program Administrator, and other insurance partnerships. | u Denotes PENDING NOTIFICATION. OLDWICK, N.J., November 18, 2022--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of Somers Re Ltd . Required fields are marked *. The ratings reflect Watford's sound financial condition, diversified risk Further rating actions could be taken if AM Best believes Watfords financial strength has continued to decay or it has not stabilized in a reasonable amount of time. returns. Another important element of the reorganization of Somers Re is a change in leadership. WATFORD Insurance, cu sediul in Gibraltar, are un rating "A-" acordat de catre A.M. BEST si functioneaza in Uniunea Europeana si in Marea Britanie din anul 2015. The Symbol, Number, or Score in the Rating Scale used to Denote the Credit Rating . . 2296 0 obj <>stream OLDWICK, N.J.-- ( BUSINESS WIRE )-- AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" of Watford Re. WELWYN INSURANCE COMPANY LIMITED (Previous Legal Name, En) Business Registry Name . The overall Somers Group platform with insurance and reinsurance capabilities in Bermuda, U.S. and Europe has a unique value proposition and is well positioned to deliver bespoke solutions and meaningful capacity to our clients around the world., Steve Dutton, Partner at Kelso, said, Ive been very impressed with the teams ability to recognize an opportunity and then reimagine an entire business model to position the company to thrive in the coming years. We strive to be an innovative, customer- focussed insurance group; providing an excellent experience through collaboration and consistently delivering value. steven.chirico@ambest.com, Jim Peavy If you are seeking to file a claim against a Watford Insured, questions about a current claim, or to report a claim directly to Watford, please contact us via the following: . B*GsP GP 8P23ybG2(Sr[7qp{4@WBKRFBH2^c@0aXE2]vp%4 U.S. clients are served by Watford Specialty Insurance Company and Watford Insurance company. 1st Floor, Grand Ocean Plaza. +1 908 439 2200, ext. AM Best will evaluate on an ongoing basis Watfords risk-adjusted capitalization and invested asset valuations as updated information becomes available. C/Ctra. WATFORD INTERNATIONAL LIMITED. Somers Re is a privately held global property and casualty insurance and reinsurance company with operations in Bermuda, the United States, and Europe.
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