30 October 2020News

Watford delivers a healthy profit for Q3 despite “significant uncertainties” in the market

Watford Holdings made a healthy profit in the third quarter of 2020, despite noting “significant uncertainties surrounding the ultimate number of insurance claims and scope of damage resulting from the continuing novel coronavirus pandemic.”

Watford made a net profit of $78.1 million in Q3 2020, a satisfying result considering in the same period of 2019 it had reported only $0.2 million.

The re/insurer saw its gross written premiums fall to 197.5 million for the quarter, from $250 million in the same period of 2019.

Its combined ratio inched up to 105.6 percent in Q3 2020, from the 104 percent reported in the same period last year.

Jon Levy, chief executive of Watford, said: “This was an active property catastrophe quarter for the industry, and our current year property catastrophe losses added $6.4 million or 4.4 points to our quarterly combined ratio.”

Levy added: “Watford continues to demonstrate our durability in the current economic environment, and we delivered strong financial results for the quarter.”