Bermuda-headquartered Watford Holdings Ltd. closed its purchase of Axeria IARD, a French property/casualty insurance company.
Watford has acquired 100 percent of the capital stock of Axeria IARD from the APRIL Group. Financial details of the deal were not disclosed.
Axeria is headquartered in Lyon, France, with branch offices in Lille and Bordeaux and is active in the French and European Union commercial property and casualty insurance market with in-force gross premiums written of approximately $167 million.
“We are pleased to add Axeria to our insurance business in Europe and look forward to working with them to carry out our development in the region,” Watford Chief Executive Officer Jon Levy said in prepared remarks. “Our objective is to leverage our large capital base and Axeria’s experienced team to strengthen existing business relationships and to build new ones.”
Watford Holdings, meanwhile, is in the midst of another M&A transaction, but not as a buyer. Arch Capital has agreed to acquire all the common shares of Watford in an all-cash offer valued at approximately $700 million. The deal has not yet been finalized).
Source: Watford Holdings Ltd.
*A version of this story ran previously in our sister publication Insurance Journal.