Bermuda-based Arch Capital Group Ltd., along with investment partners Kelso & Company and Warburg Pincus, announced the completion of its previously disclosed acquisition of Watford Holdings Ltd.
Watford and Arch originally announced the signing of a definitive merger agreement on Nov. 2, 2020, through an affiliated entity of which Arch owns approximately 40 percent, and funds managed by Kelso and Warburg Pincus each own approximately 30 percent.
“We are excited to complete this transaction, which will now allow our partners and Arch to move forward with the next chapter for Watford,” said Maamoun Rajeh, chairman and CEO of Arch Worldwide Reinsurance Group. “We believe that the market conditions are ideal for us to develop the franchise and execute a strategy for Watford’s long-term success. I want to thank the teams on all sides for their dedication to successfully completing this transaction.”
Arch Capital Group is a publicly listed Bermuda exempted company with approximately $15.8 billion in capital as of March 31, 2021. The company provides insurance, reinsurance and mortgage insurance on a worldwide basis.
Source: Arch Capital Group