Watford Re renamed Somers Re
Arch Capital Group has completed its acquisition of Watford Holdings.
Watford and Arch first announced the merger agreement, which was made alongside investment partners Kelso & Company (Kelso) and Warburg Pincus, on November 2, 2020. The deal was completed via an affiliated entity of which Arch owns approximately 40 percent, while funds managed by Kelso and Warburg Pincus each own approximately 30 percent.
Maamoun Rajeh, chairman and chief executive officer of Arch Worldwide Reinsurance Group, said: “We believe that the market conditions are ideal for us to develop the franchise and execute a strategy for Watford’s long-term success.”
Watford notified the Nasdaq Stock Market that it will terminate the listing of its cumulative redeemable preference shares following the deal, in compliance with Securities and Exchange Commission rules.
Arch Capital, Watford Holdings, Kelso & Company, Warburg Pincus, Maamoun Rajeh