View additional news, reports and products for this company. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Bests Recent Rating Activity web page. There are several high-profile international ratings agencies, who assess the financial stability of insurers and other financial institutions. OLDWICK, N.J., November 18, 2022--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of Somers Re Ltd. (Bermuda) and its subsidiaries: Watford Insurance Company Europe Limited (Gibraltar); Watford Insurance Company (New Jersey); Watford Specialty Insurance Company (New Jersey); and Axeria IARD (France . AM Best acknowledges that the transaction with Arch could benefit the Watford group through potential further de-risking of its investment portfolio, removing the burden of public company. This means that every time you visit this website you will need to enable or disable cookies again. The ratings reflect Watford's sound financial condition, diversified risk profile, and seasoned management team. Accessibility, Ad - Leaderboard - Pinnacle Actuarial Resources. Atlantic Suites WATFORD INTERNATIONAL LIMITED overview - Find and update company Watford Insurance Company (Europe) Limited will serve UK . In addition, KBRA has affirmed the BBB+ credit rating for Watford Holdings' senior unsecured notes due 2029, and also the BBB- credit rating of the company's outstanding cumulative contingently redeemable preference shares. This website uses cookies so that we can provide you with the best user experience possible. The ratings of Watford have been extended to WICE and WSIC based on their strategic role to Watford and the explicit and implicit support provided by Watford. B*GsP GP 8P23ybG2(Sr[7qp{4@WBKRFBH2^c@0aXE2]vp%4 OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of a- (Excellent) of Watford Re Ltd. (Watford Re) (Bermuda) and its subsidiaries, Watford Insurance Company Europe Limited (WICE) (Gibraltar), Watford Insurance Company (WIC) (New Jersey) and Watford Specialty Insurance Company (WSIC) (New Jersey). However, although the transaction has closed, the ultimate impact to Watford's ratings will be determined when AM Best has met with management and analyzed the group's business plans, including an analysis of future investment risk, financial projections and operating structure within the Arch group. On July 2, 2021, Watford Holdings Ltd. was acquired by Arch Capital Group Ltd. (40%) and funds managed by Kelso & Company (30%) and . a Gibraltar-domiciled insurance company (the "Company") and. % of people found this article valuable. Oldwick //BestWire// - A.M. Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of a- to Watford Insurance Company (WIC) (Morristown, NJ). AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Listing for: Sheridan Ward Recruitment Services Limited. You will need to pay the first 10 towards any claim (the excess). christopher.sharkey@ambest.com, Steven M. Chirico, CPA Somers Group Holdings Ltd. is a privately held, global specialty property and casualty insurance and reinsurance company headquartered in Bermuda that is owned by Arch Capital Group Ltd., Kelso & Company and Warburg Pincus. 2288 0 obj <>/Filter/FlateDecode/ID[]/Index[2276 21]/Info 2275 0 R/Length 76/Prev 895996/Root 2277 0 R/Size 2297/Type/XRef/W[1 3 1]>>stream Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. PDF Watford Specialty Insurance Company 15824 - elany.org document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Why Not Go Direct on Homeowners, Allstate CEO Asks, Norfolk Southern Ordered to Clean Polluted Site, AM Best Places Watford Re's Ratings Under Review on COVID-19-Related Investment Hit, Federal Court Denies Massachusetts Hospital's Covid-19 Business Insurance Claim, La. AM Best said these rating actions follow an announcement from Watford on April 23, 2020, which revealed its 2020 first quarter earnings include a net investment loss of approximately $300 million due to investment market volatility following the global economic shutdown related to the COVID-19 pandemic. About Somers Group Holdings Ltd. Liz Cunningham has been appointed CEO of Somers Re. Follow this company Company Overview for WATFORD INTERNATIONAL LIMITED (10885613) Filing history for WATFORD . Ad - Leaderboard - Pinnacle Actuarial Resources, Call us toll free: (800) 827-4242 Or Contact Us, Learn more about Captive.com Sign up to get our free newsletter, Captive.com, International Risk Management Institute, Inc. (IRMI), 12222 Merit Drive, Suite 1600, Dallas, TX 75251-2266, Copyright 20142023 International Risk Management Institute, Inc. (IRMI). WATFORD INTERNATIONAL LIMITED. watford insurance company europe limited rating Pinnacle Insurance is a Top 5 UK Pet insurer with a clear ambition to be the leading Pet healthcare and insurance services partner in the UK. Our Lloyd's Syndicate 2232 is rated A+ (Strong) by Standard & Poor's and AA-(Very Strong) by Fitch. The agency also removed from under review with negative implications and downgraded the financial strength ratings to A- (Excellent) from A (Excellent) and the long-term issuer credit ratings to "a-" from "a" of AmTrust Financial Services subsidiaries AmTrust Captive Solutions Ltd., AmTrust Europe Ltd., AmTrust Insurance Co. of Kansas Inc . Required fields are marked *. I am an experienced Test Manager, Defect Manager & Jira Administrator in Private and public sectors with 11 years in the Banking & Insurance industry and 7 in Digital Retail & E-commerce. Find jobs. Liz and Sioned bring fresh perspectives and strong leadership to the company, while maintaining institutional knowledge and continuity from their time in Watford. The net investment loss is expected to be predominantly comprised of unrealized mark-to-market losses to Watfords non-investment grade, fixed-income portfolio, said AM Best. combines medium- to long-tail casualty risks with an investment strategy focused on Watford : Re Financial Condition Reports 2020 | MarketScreener AM Best will continue to evaluate Watfords balance sheet strength, operating performance and enterprise risk management to assess that it stays in line with projected amounts. Somers Re said that its new strategy and financial backing have resulted in AM Best affirming a financial strength rating of A- stable. Attn: Claims Dept 445 South Street, Suite 220 P.O. Watford Holdings - Overview, News & Competitors | ZoomInfo.com Ad - Leaderboard - Pinnacle Actuarial Resources UK business is underwritten by Watford Insurance Company Limited. Operating as Somers Re, the firm will follow a more traditional reinsurance business model, leveraging Archs underwriting expertise while pursuing a more conservative investment strategy. Watford's ratings are based on its strong risk-adjusted capitalization; experienced underwriting led by Arch Underwriters Ltd. and Arch Underwriters Inc., wholly owned subsidiaries of Arch Capital Group Ltd.; leading investment acumen of HPS Investment Partners, LLC (HPS); and Watford's broad-based business plan. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Suite 3, Ground Floor Full Time position. View a list Oldwick //BestWire// - AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of a- of Watford Re Ltd. (Watford Re) (Bermuda) and its subsidiaries, Watford Insurance Company Europe Limited (WICE) (Gibraltar), Watford Insurance Company (WIC) (New Jersey) and Watford Specialty Insurance Company (WSIC) (New Jersey). endstream endobj startxref Butler most recently served as controller for Watford Re and has over 15 years of finance experience, including serving as an auditor at KPMG. Watford Insurance Company Europe Limited (WICE) is a subsidiary of Somers Group Holdings Ltd. and a Gibraltar-based insurance company providing capacity to clients across Europe and the UK. Additionally, Sioned Butler has been appointed Chief Financial Officer of Somers Re. Please enable Strictly Necessary Cookies first so that we can save your preferences! In addition, AM Best has affirmed the Long-Term ICR of "bbb-" and the Long-Term Issue Credit Rating of "bb" on the $225 million 8.5% cumulative preference shares of Watford Holdings Ltd . Motor insurance Somerset Bridge Watford Insurance Company Europe Limited, Alwyn Insurance Company Limited and Southern . Title: Watford Specialty Insurance Company 15824 Author: The Excess Line Association of New York Subject: Financial Summary Keywords: Watford Specialty Insurance Company 15824,Foreign Insurer Report New York,AM Best Rating,S&P Rating, Total Assets, Policyholders Surplus,Net Income, Premiums Written in New York, NY, ELANY,Excess Line I nsurance AM Best. AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of a- of Bermuda-based Watford Re Ltd. Arch Relaunches Watford Re As Somers Re - Bernews Please enable it to use Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. Arch has assigned its interests and obligations under the merger agreement to a newly formed entity, Greysbridge Holdings Ltd., under which Arch owns approximately a 40% stake, with funds managed by Warburg Pincus LLC and Kelso & Company, each owning approximately 30%. Offering salaries circa 60,000 65,000 + Package noninvestment grade corporate credit fixed-income assets to generate attractive operating Warburg Pincus LLC is a leading global growth investor. Watford Insurance Company Europe Limited - lei.report These rating actions follow Watford's announcement on April 23, 2020 that its 2020 first quarter earnings will include a net investment loss of approximately $300 million due to investment market volatility following the global economic shutdown related to the COVID-19 pandemic. A.M. Best is the worlds oldest and most authoritative insurance rating and information source. 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. Our Values We have been shortlisted for the following industry awards WINNER: Best Employer British Claims Awards 2022 Nature of business (SIC) Thank you! PEMBROKE, Bermuda(BUSINESS WIRE) U.S. clients are served by Watford Specialty Insurance Company and Watford Insurance company. Bests News & Research Service - May 01, 2020 11:07 AM (EDT). Why Should You Consider Forming a Captive Insurance Company? In addition, WSIC and WIC are rated "A" by the rating agency Kroll Bond, as are the members of the Watford Group. | Industry: Fire, marine, and casualty insurance Printer Friendly View Address: 445 South St Ste 220 Morristown, NJ, 07960-6475 United States See other locations