Arch Capital Group Ltd. disclosed in a Securities and Exchange (SEC) filing last Friday that its new subsidiary, Arch Underwriters Ltd., has agreed to act as reinsurance manager for a newly-formed multiline Bermuda reinsurance company to be named Watford Re.
Watford Re is expected to be funded principally with third party capital, according to the filing.
The filing said Highbridge Principal Strategies, LLC will act as investment manager for Watford Re. Highbridge is a subsidiary of JPMorgan Asset Management Holdings Inc.
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