Watford Re renamed Somers Re
Arch Capital Group has relaunched Watford Holdings and Watford Re as Somers Group Holdings and Somers Re. The new name is a nod to Sir George Somers, who founded Bermuda in 1609.
The move by Arch and its investment partners Warburg Pincus and Kelso & Company reflects a “strategic repositioning” as it builds on the Watford platform established in 2014 as a total return reinsurer. Somers Re will follow “a more traditional reinsurance business model, leveraging Arch’s underwriting expertise while pursuing a more conservative investment strategy”, the business said.
AM Best has affirmed its Financial Strength Rating for the business of A- stable, it added.
The change of name comes with a change of leadership, too. Liz Cunningham has been appointed CEO of Somers Re. Previously the chief risk officer for Watford Re, she has nearly 20 years of experience in insurance and risk management. She held the same position with Nautilus Indemnity Holdings, an insurer and reinsurer providing professional indemnity, and before that was with Deloitte.
Sioned Butler, meanwhile, has been appointed chief financial officer. Butler was controller for Watford Re and has over 15 years’ finance experience, including as an auditor at KPMG.
“After seven years operating under the Watford name, re-establishing the company as Somers Re marks a new chapter for the franchise,” said Maamoun Rajeh, chairman and CEO of Arch’s Worldwide Reinsurance Group and a member of the Board of Somers Holdings.
“Liz and Sioned bring fresh perspectives and strong leadership to the company while maintaining institutional knowledge and continuity from their time in Watford. I am also pleased to remain engaged with our long-term partner, Highbridge Principal Strategies, as our primary investment manager.”
Cunningham said: “I am looking forward to continuing the work with our founding sponsor Arch and welcoming the new Warburg Pincus and Kelso board members to Somers Re. We are taking the best parts of Watford and adding new strategies and capabilities.”
Arch Capital and Kelso completed the $700m acquisition of Watford in July.
