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PREMIER UNDERWRITING HOLDINGS (GIBRALTAR) LIMITED, Find all legal entities in the same postal code, CASUALTY & GENERAL INSURANCE COMPANY (EUROPE) LIMITED SUCURSAL, INSUSCANNER INSURANCE AGENCY COMPANY LIMITED, Halco Insurance Company (Bermuda) Limited, JUBILEE GENERAL INSURANCE COMPANY OF TANZANIA LIMITED, Trust International Insurance Company (Cyprus) Limited, FIRST FLOOR, GRAND OCEAN PLAZA, OCEAN VILLAGE, Gibraltar, GX11 1AA, GI, FIRST FLOOR, GRAND OCEAN PLAZA, Ocean Village, GX11 1AA, GI, FIRST FLOOR, GRAND OCEAN PLAZA, Gibraltar, GX11 1AA, GI, FIRST FLOOR, MAJESTIC OCEAN PLAZA, OCEAN VILLAGE, Gibraltar, GX11 1AA, GI, SUITE 3-3, LEISURE ISLAND BUSINESS CENTRE, LEISURE ISLAND, 23 OCEAN CILLAGE PROMENADE, Ocean Village, Gibraltar, GX11 1AA, GI, SOVEREIGN PLACE, 117 MAIN STREET, Gibraltar, GX11 1AA, GI, SUITE 4, 2ND FLOOR, THE WEST WING, MONTARIK HOUSE, 3 BEDLAM COURT, Gibraltar, GX11 1AA, GI, Madison Building, Midtown, Queensway, Gibraltar, GX11 1AA, GI, 211, NEPTUNE HOUSE, MARINA BAY, Gibraltar, GX11 1AA, GI, SUITE 211 NEPTUNE HOUSE, MARINA BAY, PO Box 300, Gibraltar, GX11 1AA, GI, 30/3 CORNWALL'S LANE, Gibraltar, GX11 1AA, GI, 5/5 CRUTCHETT'S RAMP, Gibraltar, GX11 1AA, GI, Suite 7, Hadfield House, Library Street, Gibraltar, GX11 1AA, GI, SUITE 3A CENTRE PLAZA, 2 HORSE BARRACK LANE, Main Street, GX11 1AA, GI, SUITE 1 NORTH, FIRST FLOOR, Albert House, South Esplanade, St Peter Port, GY1 1AJ, GG, 17 Rue De La Republic Marigot, Marigot, FR-MF, 97150, FR, CR Federation Drive and Goodwill Road, Goodwill, DM, 4th Floor, 22 Wellington Road, Parktown, Johannesburg, ZA-GP, 2193, ZA, Stasinou 1, Floor 2, Engkomi, Nicosia, CY-01, 2404, CY, Conyers Corporate Services, Claredon House, Hamilton, BM, Ohio Street 1008, 2, 11, Kivukoni, TZ-02, 11101, TZ, 79, Limassol Avenue, 1&3 Kosti Palama Corner, Aglantzia, Nicosia, CY-01, 2121, CY, 633 East Market Street, Harrisonburg, US-VA, 22801, US, Global Legal Entity Identifier Foundation (GLEIF). Since 1980, Kelso has invested approximately $15 billion of equity capital in over 130 transactions. Somers Re said that its new strategy and financial backing have resulted in AM Best affirming a financial strength rating of A- stable. Rating Disclosure Form, Press Release Services (UK) of an Overseas Firm. Warburg Pincus LLC is a leading global growth investor. The net investment loss is expected to be predominantly comprised of unrealized mark-to-market losses to Watfords non-investment grade, fixed-income portfolio. 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 . Watford Holdings. AM Best Removes From Under Review With Negative Implications, Affirms Credit Ratings of R&Q Insurance Hldgs Ltd. and Rated Subs Somers Re Ltd., the groups flagship reinsurer, is focused on delivering flexible, creative solutions to clients worldwide. Watford Group's underwriting subsidiaries, including Watford Insurance, have earned "A-" (Excellent) Financial strength rating from AM Best . 5165 Please click on "Show All" under Permissions to establish the current state of the entity. - reports which were released prior to the current Best's Financial Report. The outlook of these Credit Ratings (ratings) is stable. AM Best will evaluate on an ongoing basis Watfords risk-adjusted capitalization and invested asset valuations as updated information becomes available. h@>:x=aV=QW3E%]St g8j727Gxb`}qmvmbhSBfVwMky*9w{n~ g:*/e_Ml DT C WELWYN INSURANCE COMPANY LIMITED (Previous Legal Name, En) Business Registry Name . To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Guide to Proper Use of Bests Ratings & Assessments. Required fields are marked *. This press release relates to Credit Ratings that have been published on AM Bests website. Please tell us what we can do to improve this article. Thank You! For information on the proper use of Bests Credit Ratings, Bests Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Bests Ratings & Assessments. Clare Finnegan Key rating factors that could result in positive rating actions would be Watford meeting or exceeding its business plan over the long term, which includes consistently strong operating results while maintaining strong risk-adjusted capitalization. Company number 10885613. u Denotes Protects you from potential costs incurred from a range of repairs up to the value of 750, should your approved used SEAT not pass its next MOT test. Each entity is registered with Legal Entity Identifier (LEI), entity name, status, address, etc. Keeping these cookies enabled helps us to improve our website and display content that is more relevant to you and your interests. Fraud Hotline. ARCH . https://www.businesswire.com/news/home/20211104005760/en/. Additionally, Sioned Butler has been appointed Chief Financial Officer of Somers Re. Our Group values are voted for by our staff, embedded in our culture and reflected in the way we treat our customers: they underpin daily decision-making and shape our strategic thinking. Watfords underwriting risk coupled with the leveraged alternative investment strategy creates an elevated risk profile that could expose Watford on the asset and liability sides of the balance sheet. Watford Insurance Company Europe Limited is authorised and regulated by the Gibraltar Financial Services Commission and subject to limited regulation by the Financial Conduct Authority (FCA). Additionally, KBRA affirms the rating of BBB- for Watford Holdings' No: 87598. hU[O0+~/DBH ["LE. For more information, please visit www.somersgroup.com. returns. 5159 AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. John Rathgeber Director. Thank you! Please tell us what you liked about it. Find jobs. We strive to be an innovative, customer- focussed insurance group; providing an excellent experience through collaboration and consistently delivering value. Thank you! 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. 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). clare.finnegan@ambest.com, Christopher Sharkey 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. July 20, 2022. 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Posted Today. Arch Capital Group Ltd., alongside investment partners Warburg Pincus and Kelso & Company announced that Watford Holdings Ltd. and Watford Re Ltd. have been renamed Somers Group . Please enable Strictly Necessary Cookies first so that we can save your preferences! 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 PO Box 940 View source version on businesswire.com: Watford Insurance is a 100 percent-owned subsidiary of Watford Re Ltd., a global reinsurance and insurance company. Company reviews. Further rating actions could be taken if AM Best believes Watfords financial strength has continued to decay or it has not stabilized in a reasonable amount of time. Please note that the information provided here will be posted publicly on this page. AM Best will evaluate on an ongoing basis Watfords risk-adjusted capitalization and invested asset valuations as updated information becomes available. AM Best Places Credit Ratings of Randall & Quilter Investment Holdings Ltd. and Its Rated Subsidiaries Under Review: Nov 11, 2021: AM Best Affirms Credit Ratings of Randall & Quilter Investment Holdings Ltd. and Its Subsidiaries: Dec 03, 2020: AM Best Assigns Credit Ratings to Accredited Specialty Insurance Company: Oct 15, 2020 Manager, Public Relations Motor insurance Somerset Bridge Watford Insurance Company Europe Limited, Alwyn Insurance Company Limited and Southern . This press release relates to Credit Ratings that have been published on AM Bests website. Please enable it to use the full functionality of the web site. steven.chirico@ambest.com, Jim Peavy In addition, A.M. Best has affirmed the Long-Term ICR of bbb- and the Long-Term Issue Credit Ratings of bb on the $225 million 8.5% cumulative preference shares of Watford Holdings Ltd. (Bermuda). Minimum 24-months' cover with SEAT-Approved parts used for any repairs. C/Ctra. Each policy is then scored against those 48 features and assigned a rating based on a scale of 1 to 5 - so you can see at a glance how the . COVID-19 hbbd```b`` "gI &d $%BL ?O_ Watford Specialty Insurance Company and Watford Insurance Company will serve U.S.-based customers, Watford Insurance Company (Europe) Limited will serve UK-based customers and Axeria IARD will provide capacity to clients across continental Europe. 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 . Search OpenCorporates for WATFORD INSURANCE COMPANY EUROPE LIMITED. Watfords 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 Watfords broad-based business plan. 3rd Floor, Development House St Anne Street. Gibraltar, Copyright 2023 Hence the need to have a multilingual condidate with good communication skills. Headquartered in Bermuda, the name Somers Re is a nod to Sir George Somers, who founded Bermuda in 1609. OLDWICK, N.J.-- ( BUSINESS WIRE )-- AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" of Watford Re. Suite 3, Ground Floor Performance cookies collect information about how you use our website, which helps us improve functionality and your user experience. Further rating action may also be taken if AM Best believes Watfords measured levels of balance sheet strength, operating performance, business profile, or enterprise risk management are no longer able to support its current rating level. 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 firms investment philosophy. | 2296 0 obj <>stream Based on AM Best's analysis, 033495 - R&Q Insurance Holdings Ltd is the AMB Ultimate Parent and identifies new. 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.