WSIC buys and rebrands dormant insurance company

Watford Specialty Insurance Company (WSIC), a subsidiary of Bermuda-based Watford Re (WRL), has acquired a formerly dormant insurance company.

The company has been renamed Watford Insurance Company (WIC) and has now been re-domiciled to New Jersey, WSIC’s domicile state. WIC holds admitted insurance licenses in all 50 states as well as the District of Columbia.

WIC’s main focus will be to join with experienced program managers who are seeking a long-term relationship with a carrier that can provide highly-rated capacity.

WIC’s liabilities connecting to pre-acquisition business are fully reinsured pursuant to a 100 percent quota share agreement with The Hanover Insurance Company.

The company said that the acquisition enhances Watford’s strategy of developing its insurance operations in the US and provides Watford with the ability to access the US admitted property and casualty insurance market in partnership with Arch Underwriters, a wholly-owned subsidiary of Arch Reinsurance Company.