30 July 2020News

Watford sees profits increase in Q2

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.”