watford re press release

The Bitcoin logo (₿) will appear on the shirt sleeve of Premier League football club Watford this season, as part of an educational drive led by the innovative sports betting brand Sportsbet.io. The agreement requires approval by holders of a majority of Watford’s outstanding shares. The investment grade portfolio component of these returns reflects the performance of the investment portfolios that predominantly support our underwriting collateral. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. ET by Tomi Kilgore Watford started at neutral with $30 stock price target at … Goldman Sachs is acting as financial advisor to Arch, and Cahill Gordon & Reindel LLP is serving as the Company’s legal advisor. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $86 billion in over 910 companies in more than 40 countries. Actual losses from these events may vary materially from the estimates due to several factors, including the inherent uncertainties in making such determinations and the evolving nature of this pandemic. Since 1980, Kelso has invested approximately $14 billion of equity capital in over 125 transactions. Net assets is calculated as the sum of total investments, accrued investment income and receivables for securities sold, less revolving credit agreement borrowings, payable for securities purchased and payable for securities sold short. After one season with Cleveland, Davis spent time with both the Indianapolis Colts and the Jacksonville Jaguars in 2019. Watford Holdings Ltd. is a global property and casualty insurance and reinsurance company with approximately $1.1 billion in capital as of September 30, 2020, comprised of: $172.6 million of senior notes, $52.4 million of contingently redeemable preference shares and $866.92 million of common shareholders’ equity, with operations in Bermuda, the United States and Europe. On May 7, 2020, Kroll Bond Rating Agency affirmed the “A” insurance financial strength ratings of Watford's operating subsidiaries as well as the “BBB+” credit rating of Watford Holdings Ltd, with the outlook for all ratings revised to negative. Press Release Legacy Solutions Report 2020. Watford Football Club is an English professional football club based in Watford, Hertfordshire. Kelso benefits from a successful investment track record, deep sector expertise, a long-tenured investing team, and a reputation as a preferred partner to management teams and corporates. Preference dividends were $1.1 million and $4.9 million for the three months ended June 30, 2020 and 2019, respectively. The AP news staff was not involved in its creation. Press Release - James Westoby , Aug 2 2018. Cautionary Note Regarding Forward-looking Statements. Of these shares, 27,456 common shares vested in the second quarter of 2020. We are excited to participate in this plan, and believe that we can be a value added partner by applying our operating and industry resources to enhance Watford’s inherent value proposition.”, Chris Collins, Managing Director of Kelso, said, “We have a successful history of partnering with Arch and are excited to be joining them in the acquisition of Watford. Arch Capital Group Ltd. to Acquire Watford Holdings Ltd. for $31.10 per Common Share in All-Cash Transaction. 2714781. Forward−looking statements involve Arch’s or Watford’s current assessment of risks and uncertainties. (2) Adjusted combined ratio is a non-U.S. GAAP financial measure and is calculated by dividing the sum of loss and loss adjustment expenses, acquisition expenses and general and administrative expenses, less certain corporate expenses, by the sum of net premiums earned and other underwriting income (loss). For more information please visit www.warburgpincus.com. INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND THE SCHEDULE 13E-3 WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. (1) During the second quarter of 2020, the Company issued 100,958 common shares, related to the restricted share units granted to certain employees and directors in the second quarter of 2019. 60. Watford. This press release relates to Credit Ratings that have been published on AM Best’s website. If you are finding that your first few press releases aren’t attracting the attention of journalists it’s much easier to tweak the variables (headline, intro par, quotes etc). See “Comments on Regulation G” for further discussion, including a reconciliation of underwriting income (loss) to net income (loss) available to common shareholders. FOLLOW @Watford_smiles on Instagram 2. The Company believes that preference dividends, income tax expense, foreign exchange gains (losses), interest expense, net investment income (loss), other underwriting income (loss) and certain corporate expenses in any particular period are not indicative of the performance of, or trends in, the Company’s underwriting performance. Watford Holdings Ltd (NASDAQ:WTRE) Q2 2020 Earnings Call Jul 30, 2020, 4:00 p.m. Weighted average number of ordinary shares used in the determination of earnings (loss) per share: Weighted average common shares outstanding - basic. (3) During the second quarter of 2019, the Company granted 165,287 restricted share units and common shares to certain employees and directors, 54,904 of which are non-vested as of June 30, 2020. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements. Contacts. For more information please visit www.warburgpincus.com. Meet the Players Latest Get Tickets Our Partners. Trust … Project Etopia will begin building a new weather and fire resilient demonstration home at BRE’s Watford Innovation Park. In connection with the proposed merger, Watford intends to file relevant materials with the SEC, including a preliminary proxy statement on Schedule 14A, and Watford and certain other persons, including Arch, intend to file a Schedule 13E-3 transaction statement with the SEC. The Company believes that the equity analysts and certain rating agencies, which follow the Company and the insurance industry as a whole generally exclude these items from their analysis for the same reasons. You will not receive KPMG subscription messages until you agree to the new policy. Book Now Full Details Latest News . 28th November 2017 . Press release content from Business Wire. WE’RE DOING ANOTHER GIVEAWAY it’s the 2nd week @watford_smiles and to continue with the Christmas spirit!! Prime minister Boris Johnson visits Watford General Hospital and announces £400m funding. Kelso is one of the oldest and most established firms specializing in private equity investing. Book Now Full Details The View. Cookies are used to offer you a better browsing experience and to analyze our traffic. Share eCommerce firm sets up inspirational global HQ in Watford . Effect of dilutive common share equivalents: Weighted average non-vested restricted share units (1), Weighted average common shares outstanding - diluted, Common shares outstanding - basic (1)(2)(3), General & administrative expense ratio (1), Adjusted general & administrative expense ratio, Net realized gains (losses) on investments, Net unrealized gains (losses) on investments (1), Net interest income yield on average net assets (3), Net investment income return on average net assets (3), Less: Revolving credit agreement borrowings, Net unrealized gains (losses) on investments, Net income available to common shareholders of. The following table summarizes the Company’s key investment returns on a consolidated basis: (1) Net interest income yield on average net assets and net investment income return on average net assets are calculated by dividing net interest income, and net investment income (loss), respectively, by average net assets. Neither the Company nor Watford undertakes any obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise. Ignore and log out Continue Close Hi! Forward-looking statements involve the Company’s current assessment of risks and uncertainties. This press release relates to Credit Ratings that have been published on AM Best’s website. Cautionary Note Regarding Forward-Looking Statements. Watford Shareholders . A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Watford Re L Warburg Pincus Privacy Notice    Privacy Notice    Personal Data Request    Legal Disclaimer    Forms 20-2 and 21-3. Despite the backdrop of significant turmoil created by the pandemic, Watford demonstrated its resilience and delivered a strong financial performance. For the three-month period, average total investments is calculated using the average of the beginning and ending balance of each quarterly period. All rights reserved. The Company also believes that this measure follows industry practice and, therefore, allows the users of the Company’s financial information to compare the Company’s performance with its industry peer group. Network Records was a Rave music label based in Birmingham, England during the late 80's and early to mid 90's. 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. The 2020 second quarter investment grade portfolio net interest income yield was 0.4%, a decrease from 0.6% in the prior year period. The 2020 second quarter net investment income return on average net assets was 10.0% as compared to 1.1% for the prior year period. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements, including statements regarding the expected timing of the closing of the merger; the ability of the parties to complete the merger considering the various closing conditions; the expected benefits of the merger; and any assumptions underlying any of the foregoing. These estimates include losses only related to claims incurred as of June 30, 2020. Watford Holdings Ltd. (“Watford”) (NASDAQ: WTRE) announced today that on March 31, 2021, it intends to pay to holders of record as of March 15, 2021 (the “Record Date”) a quarterly dividend on its 8½% Cumulative Redeemable Preference Shares, which trade on Nasdaq under the ticker symbol “WTREP” (the “Preference Shares”). our dependence on letter of credit facilities that may not be available on commercially acceptable terms; our potential inability to pay dividends or distributions; our potential need for additional capital in the future and the potential unavailability of such capital to us on favorable terms or at all; our dependence on clients’ evaluations of risks associated with such clients’ insurance underwriting; the suspension or revocation of our subsidiaries’ insurance licenses; the potential characterization of us and/or any of our subsidiaries as a passive foreign investment company (“PFIC”); our dependence on certain subsidiaries of Arch Capital Group Ltd. (“Arch”) for services critical to our underwriting operations; changes to our strategic relationship with Arch or the termination by Arch of any of our services agreements or quota share agreements; the termination by HPS or AIM of any of our investment management agreements; risks associated with our investment strategy being greater than those faced by competitors; our ability to complete acquisitions and integrate businesses successfully; adverse general, societal, economic and market conditions, including those caused by pandemics, including COVID-19, and government actions in response thereto; and, the other matters set forth under Item 1A “Risk Factors,” Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and other sections of the Company’s Annual Report on Form 10-K, as well as the other factors set forth in the Company’s other documents on file with the. Its operating subsidiaries have been assigned financial strength ratings of “A-” (Excellent) from A.M. Best and “A” from Kroll Bond Rating Agency. BRE announces Project Etopia as newest Watford Innovation Park partner 12th March 2019 Note: This press release is over six months old and the details may have been superseded. These decreases were partially offset by increased writings in insurance programs and coinsurance, and, to a lesser extent, greater assumed property catastrophe reinsurance. In the 2020 second quarter, the increase in loss ratio was primarily driven by COVID-19 related losses of $5.2 million, or 4.0 points, which mainly impacted property catastrophe reinsurance business. Please contact the Press Office for the latest information. RELIVE: Hornets make it three wins in a row. In the absence of a Standard & Poor’s rating, ratings from Moody’s are used, followed by ratings from Fitch, followed by ratings from KBRA, followed by ratings from DBRS. Term loans, fair value option (Amortized cost: Fixed maturities, fair value option (Amortized cost: Short-term investments, fair value option (Cost: Fixed maturities, available for sale (Amortized cost: Equity securities, fair value through net income, Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses, Reserve for losses and loss adjustment expenses, Investment management and performance fees payable, Contingently redeemable preference shares, Accumulated other comprehensive income (loss), Common shares held in treasury, at cost (shares: 2,917,149 and 2,789,405), Total liabilities, contingently redeemable preference shares and shareholders’ equity, Realized and unrealized gains (losses) on investments, Net income (loss) before preference dividends, Net income (loss) available to common shareholders. The firm has more than $58 billion in private equity assets under management. December 14, 2020. Arch owns approximately 13% of Watford’s outstanding shares, and Arch’s directors and executive officers own approximately 2% of Watford’s outstanding shares. Watford FC News. Press release content from Business Wire. Impaired Driving Press Release. PEMBROKE, Bermuda--(BUSINESS WIRE)--Arch Capital Group Ltd. (NASDAQ: ACGL) (“Arch” or “the Company”) and Watford Holdings Ltd. (NASDAQ: WTRE) (“Watford”) today announced a revised definitive agreement under which Arch will acquire all of the common shares of Watford for an increased price of $35.00 per share. There you have it. Important factors that could cause actual events or results to differ materially from those indicated in such statements are discussed below and elsewhere in this release and in the Company’s periodic reports filed with the Securities and Exchange Commission (the “SEC”), and include: All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. However, for the investment grade portfolio component of these returns, revolving credit agreement borrowings are not subtracted from the net assets calculation. PEMBROKE, Bermuda, July 29, 2020 (GLOBE NEWSWIRE) -- WATFORD HOLDINGS LTD. (“Watford” or the “Company”) (NASDAQ: WTRE) today reported net income of $188.8 million, after $1.1 million of preference dividends, for the three months ended June 30, 2020, compared to net income of $13.8 million, after payment of $4.9 million of preference dividends, for the same period in 2019. Over to You. (2) During the first quarter of 2020, the Company granted 63,591 restricted share units and common shares to certain employees and directors, 48,916 of which are non-vested as of June 30, 2020. Watford, WD17 1DE Tel: +44 19 2321 4000. This revised all-cash consideration is valued at approximately … Explore fixtures, tickets, results, player and club info, the hornets shop and much more. Neil Macey was employed with the label as head of club promotion and to assist with A&R. The AP news staff was not involved in its creation. (2) Net investment income return on average total investments (excluding accrued investment income) is calculated by dividing net investment income by average total investments. The independent members of Watford’s Board of Directors have unanimously approved the revised agreement and recommended that Watford’s shareholders vote in favor of the transaction. The separate components of these returns (non-investment grade portfolio and investment grade portfolio) are non-U.S. GAAP financial measures. See “Comments on Regulation G” for further discussion, including a reconciliation of these components of our net investment income return on average total investments (excluding accrued investment income). Trust the template, its 11 proven sections will … Online broker FxPro and London-based Premier League Club Watford FC are delighted to announce a three-season sponsorship agreement starting at the beginning of the 2017/18 season. Following closing, which is expected to occur in the first quarter of 2021, Watford will continue to operate as a standalone business and remain … 2714781. A replay of the conference call will also be available via the Investors section of the Company’s website beginning on July 31, 2020. January 6, 2020. By continuing to use our service, you agree to our use of cookies. The acquisition expense ratio was 22.4% in the 2020 second quarter, compared to 23.4% in the 2019 second quarter. Arch Capital Group Ltd., a Bermuda-based company with approximately $15.2 billion in capital at September 30, 2020 provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries. TAG two friends in the comments . PEMBROKE, BERMUDA – OCTOBER 9, 2020 – Arch Capital Group Ltd. (NASDAQ: ACGL) (“Arch” or “the … A.M. Best Assigns Credit Ratings to Watford Insurance Company; Affirms Credit Ratings of Watford Re Ltd. and Its Subsidiaries. The following table summarizes the Company’s underwriting results on a consolidated basis: (1) Underwriting income (loss) is a non-U.S. GAAP financial measure and is calculated as net premiums earned, less loss and loss adjustment expenses, acquisition expenses and general and administrative expenses. These forward-looking statements include statements regarding the Company’s return on equity potential and prospects for further book value growth. Additionally, this press release distribution method is costly as it usually costs $150- 300 per release. Combined ratio of 108.0%, comprised of a 79.7% loss ratio, a 22.4% acquisition expense ratio and a 5.9% general and administrative expense ratio, compared to a combined ratio of 103.5% for the prior year second quarter, comprised of a 73.6% loss ratio, a 23.4% acquisition expense ratio and a 6.5% general and administrative expense ratio; fluctuations in the results of our operations; our ability to compete successfully with more established competitors; downgrades, potential downgrades or other negative actions by rating agencies, including A.M. Best’s recent announcement that it has placed under review with negative implications the financial strength and credit ratings of our operating subsidiaries; our dependence on key executives and inability to attract qualified personnel, or the potential loss of Bermudian personnel as a result of. Information regarding Watford’s directors and executive officers is available in its definitive proxy statement for its 2020 annual meeting of shareholders filed with the SEC on April 14, 2020. A nursery that lies at the “heart of Watford” is celebrating a glowing Ofsted report after it praised leadership and commended the care given to babies. Please take a moment to review these changes. Arch Capital and Watford … However, for the investment grade portfolio component of these returns, the impact of the revolving credit agreement borrowings is not subtracted from net interest income, net investment income (loss), or the net assets calculation. Note: This press release is over six months old and the details may have been superseded.Please contact the Press Office for the latest information.. BRE announces Project Etopia as newest Watford Innovation Park partner. 30, 2019 1 Comment. Other comprehensive income (loss) net of income tax: Unrealized holding gains (losses) arising during the period, Unrealized foreign currency gains (losses) arising during the period, Credit loss recognized in net income (loss), Reclassification of net realized (gains) losses, net of income taxes, included in net income (loss), Unrealized holding gains (losses) of available for sale investments, Other comprehensive income (loss) net of income tax. . Watford and Hertfordshire news coverage from the Watford Observer. For the non-investment grade component of investment returns and total investment returns, net assets is calculated as the sum of total investments, accrued investment income and receivables for securities sold, less total revolving credit agreement borrowings, payable for securities purchased and payable for securities sold short. © 2021 Warburg Pincus LLC. We look forward to deepening our longtime relationship with Arch, and collaborating with our new partners, Kelso and Warburg Pincus.”, Dan Zilberman, Managing Director and Executive Management Group member at Warburg Pincus, added, “We were a founding investor in Arch in 2001 and have followed the company’s development closely since our investment. SA News Tue, Feb. 09. News . In aggregate, our book value per diluted common share increased $10.61, or 37.6% from March 31, 2020. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Watford Holdings Ltd. is a global property and casualty insurance and reinsurance company with approximately $1.0 billion in capital as of June 30, 2020, comprised of: $172.6 million of senior notes, $52.4 million of contingently redeemable preference shares and $776.2 million of common shareholders’ equity, with operations in Bermuda, the United States and Europe. Arch Capital agrees to raise buyout bid for Watford to $35.00/share from $31.30/share Nov. 2, 2020 at 9:26 a.m. For the three- and six-month periods, average net assets is calculated using the averages of each quarterly period. There were no share repurchases during the 2020 second quarter. Arch Capital Group Ltd. [Nasdaq:ACGL] announced today that Watford Re Ltd., a newly-formed multi-line Bermuda reinsurance company, launched operations Watford, UK. May 01, 2020 11:23 AM Eastern Daylight Time . 10 October 2019. For the six-month period, average total investments is calculated using the average of the beginning and ending balance of each quarterly period. This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. Registered Office as above. OLDWICK, N.J.--(BUSINESS WIRE)- … This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries or Watford and its subsidiaries may include forward−looking statements, which reflect Arch's or Watford's current views with respect to future events and financial performance. Insurance and reinsurance conditions continue to improve. Contact information. Matchday Hospitality Packages . CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED). We look forward to leveraging our industry expertise and capabilities to support Watford in its next phase of growth.”. Our combined ratio for the quarter was 108.0%, and 104.7% when adjusted for other underwriting income and certain corporate expenses. This document does not constitute a solicitation of a proxy, an offer to purchase or a solicitation of an offer to sell any securities. Realized and unrealized gains for the quarter totaled $172.1 million, with an additional $23.0 million in other comprehensive income. Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Warburg Pincus LLC is a leading global private equity firm focused on growth investing. AM Best Affirms Credit Ratings of Watford Re Ltd. and Its Subsidiaries . When you’re building a website, it’s tempting to get distracted by all the bells and whistles of the design process and forget all about creating compelling content. See “Comments on Regulation G” for further discussion, including a reconciliation of these components of our net interest income yield on average net assets and net investment income return on average net assets. The following tables summarize the components of our total investment return for the three and six months ended June 30, 2020 and 2019: (1) Net unrealized gains (losses) on investments excludes unrealized gains and losses from the available for sale portfolios, which are recorded in other comprehensive income. Watford is a total return global (re)insurer that combines underwriting medium- to long-tail casualty risks with an investment strategy focused on non-investment grade credit assets to generate attractive operating returns. The firm’s active portfolio of more than 195 companies is highly diversified by stage, sector, and geography. Our net income of $188.8 million for the quarter was driven by $199.5 million of net investment income. Commenting on the 2020 second quarter financial results, Jon Levy, CEO of Watford, said: “First, we would like to express our sympathy to all those affected by the COVID-19 global pandemic, as well as our appreciation for those who continue to provide support and care to the individuals who need it most. As of June 30, 2020, approximately $47.1 million of share repurchases were available under the Company’s previously announced $50 million share repurchase program. But having awesome content on your website is crucial to making inbound marketing work for your business. The Bitcoin logo (₿) will appear on the shirt sleeve of Premier League football club Watford this season, as part of an educational drive led by the innovative sports betting brand Sportsbet.io. Kelso was founded by the inventor of the Employee Stock Ownership Plan (“ESOP”) and, as a result, the principles of partnership and alignment of interest serve as the foundation of the firm’s investment philosophy. BRE announces Project Etopia as … Watford is a strong platform, and we believe that Arch is uniquely qualified to augment its position with its clients and counterparties. Watford. Investors are cautioned not to place undue reliance on these non-U.S. GAAP financial measures in assessing the Company’s overall financial performance. The firm has more than $56 billion in private equity assets under management. More Information. For more information, please visit www.kelso.com. This presentation includes the use of “underwriting income (loss)” (which is defined as net premiums earned less loss and loss adjustment expenses, acquisition expenses and general and administrative expenses), “adjusted underwriting income (loss)” (which is defined as underwriting income (loss) plus other underwriting income (loss) less certain corporate expenses), and “adjusted combined ratio” (which is calculated by dividing the sum of loss and loss adjustment expenses, acquisition expenses and general and administrative expenses, less certain corporate expenses, by the sum of net premiums earned and other underwriting income (loss)). Underwriting income (loss) is useful in evaluating our underwriting performance, without regard to other underwriting income (losses), net investment income (losses), net foreign exchange gains (losses), interest expense, income tax expenses and preference dividends, and adjusted underwriting income (loss) is useful in evaluating our underwriting performance, without regard to net investment income (losses), net foreign exchange gains (losses), interest expense, income tax expenses, preference dividends and certain corporate expenses, and the adjusted combined ratio is a key indicator of our profitability, without regard to certain corporate expenses. Due to these reasons, the Company excludes preference dividends, income tax expense, foreign exchange gains (losses), interest expense, net investment income (loss), other underwriting income (loss) from the calculation of underwriting income (loss), and excludes preference dividends, income tax expense, foreign exchange gains (losses), interest expense, net investment income (loss) and certain corporate expenses from the calculation of adjusted underwriting income (loss) and the adjusted combined ratio. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Warburg Pincus and Debevoise & Plimpton LLP is serving as legal advisor to Kelso. The loss ratio was 79.7% in the 2020 second quarter compared to 73.6% in the 2019 second quarter.

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