Watford Holdings has reported net profit of $188.8 million for the second quarter of 2020, up from $13.8 million in the same period of 2019.
Gross written premiums were $157.9 million for the quarter, a little down on the $161.9 million reported for Q2 2019. Meanwhile its combined ratio was up to 108 percent, having been 103.5 percent in Q2 2019.
Watford recognised a COVID-19 loss provision of $5.2 million for Q2, which it said almost exclusively arose from business interruption coverage in its property catastrophe reinsurance line of business.
Jon Levy, chief executive at Watford, said: “Despite the backdrop of significant turmoil created by the pandemic, Watford demonstrated its resilience and delivered a strong financial performance.”
He added: “The COVID-19 global pandemic has created significant uncertainty for the property and casualty industry, though we believe our mix of business is less exposed to classes likely to be materially affected.”
Watford, Results, Jon Levy