Arch Capital Group Ltd. Closes Acquisition of Watford Holdings Ltd.
July 02 2021 - 8:30AM
Business Wire
Kelso & Company and Warburg Pincus Are
Investment Partners in the Transaction.
Arch Capital Group Ltd. (“Arch”)[NASDAQ: ACGL], along with
investment partners Kelso & Company (Kelso) and Warburg Pincus,
today announced the completion of the previously disclosed
acquisition of Watford Holdings Ltd. (Watford). Watford and Arch
originally announced the signing of a definitive merger agreement
on Nov. 2, 2020, through an affiliated entity of which Arch owns
approximately 40%, and funds managed by Kelso and Warburg Pincus
each own approximately 30%.
“We are excited to complete this transaction, which will now
allow our partners and Arch to move forward with the next chapter
for Watford,” said Maamoun Rajeh, Chairman and CEO of Arch
Worldwide Reinsurance Group. “We believe that the market conditions
are ideal for us to develop the franchise and execute a strategy
for Watford’s long-term success. I want to thank the teams on all
sides for their dedication to successfully completing this
transaction.”
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a publicly listed Bermuda exempted
company with approximately $15.8 billion in capital at March 31,
2021, provides insurance, reinsurance and mortgage insurance on a
worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward−looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward−looking
statements, which reflect our current views with respect to future
events and financial performance. All statements other than
statements of historical fact included in or incorporated by
reference in this release are forward−looking statements.
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.
Forward−looking statements involve our current assessment of risks
and uncertainties. Actual events and results may differ materially
from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic and
market conditions; increased competition; pricing and policy term
trends; fluctuations in the actions of rating agencies and the
Company’s ability to maintain and improve its ratings; investment
performance; the loss of key personnel; the adequacy of the
Company’s loss reserves, severity and/or frequency of losses,
greater than expected loss ratios and adverse development on claim
and/or claim expense liabilities; greater frequency or severity of
unpredictable natural and man-made catastrophic events,
including pandemics such as COVID-19; the impact of acts of
terrorism and acts of war; changes in regulations and/or tax laws
in the United States or elsewhere; the Company’s ability to
successfully integrate, establish and maintain operating procedures
as well as integrate the businesses the Company has acquired or may
acquire into the existing operations; changes in accounting
principles or policies; material differences between actual and
expected assessments for guaranty funds and mandatory pooling
arrangements; availability and cost to the Company of reinsurance
to manage the Company’s gross and net exposures; the failure of
others to meet their obligations to the Company; changes in the
method for determining the London Inter-bank Offered Rate (“LIBOR”)
and the potential replacement of LIBOR and other factors identified
in the Company’s filings with the U.S. Securities and Exchange
Commission (“SEC”).
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.
All subsequent written and oral forward−looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. The
Company undertakes no obligation to publicly update or revise any
forward−looking statement, whether as a result of new information,
future events or otherwise.
Source: Arch Capital Group Ltd.
arch-corporate
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version on businesswire.com: https://www.businesswire.com/news/home/20210702005179/en/
Greg Hare, 336-333-0416 Arch Capital Services LLC
ghare@archgroup.com
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