AM Best will evaluate on an ongoing basis Watfords risk-adjusted capitalization and invested asset valuations as updated information becomes available. AM Best. This press release relates to Credit Ratings that have been published on A.M. Bests website. endstream endobj startxref 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. KBRA also affirmed the issuer rating of BBB+ for Your email address will not be published. The outlook of these ratings is stable. This means that every time you visit this website you will need to enable or disable cookies again. The following links provide access to related data records that AM Best utilizes to provide financial and analytical data on a consolidated or branch basis. Please tell us what we can do to improve this article. No: 87598. Arch Capital Group Ltd. [NASDAQ: ACGL], alongside investment partners Warburg Pincus and Kelso & Company (Kelso), today announced that Watford Holdings Ltd. and Watford Re Ltd. have been renamed Somers Group Holdings Ltd. (Somers Group) and Somers Re Ltd. (Somers Re), respectively. In addition, AM Best has placed under review with negative implications the Long-Term ICR of bbb- and the Long-Term Issue Credit Rating of bb on the $225 million ($52 million outstanding) 8.5% cumulative preference shares of Watford Holdings Ltd. (Watford) (Bermuda), the groups ultimate holding company. | You will need to pay the first 10 towards any claim (the excess). Topics 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. Marketing Intern. 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. Hence the need to have a multilingual condidate with good communication skills. +1 908 439 2200, ext. 660936. . The firm is authorised to carry out services in the following countries: * Firms with an asterisk by their name may have for example a restricted or suspended licence. These cookies dont collect information that identifies you personally as a visitor. Apply to As Partnership jobs now hiring in Watford on Indeed.com, the worlds largest job site. 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 . View a list WATFORD INSURANCE COMPANY EUROPE LIMITED WELWYN INSURANCE COMPANY LIMITED address: FIRST FLOOR, GRAND OCEAN PLAZA, OCEAN VILLAGE, Gibraltar, GX11 1AA, GI Entity Overview Registration Authority Entity Legal Form Legal Form Code WBKH LEI Registration Entity Relationship Reporting Exceptions Office Location Entities in the same location Gibraltar, Copyright 2023 The name change is part of a strategic repositioning for Somers Re as it builds on the Watford platform that was originally established in 2014 as a total return reinsurer. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. | Using waterfall and Agile methodologies, I have previously had roles as a Test Analyst, Defect Manager, Release Manager, Scrum Master, Test Lead and Test Management capacity having been CMMI compliant, ISEB . 5087 NO. Watford Insurance Company. Watford Insurance Company Europe Limited; Alwyn Insurance Company Limited; and Southern Rock Insurance Company Limited. Third-party cookies include performance cookies and targeted or advertising cookies. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Europort Avenue Please do not leave any private information here. What Is a Fronting Arrangement and Why Do Captive Insurers Use Them? 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). Since 1980, Kelso has invested approximately $15 billion of equity capital in over 130 transactions. Details about the extent of our regulation by the FCA are available on request. For more information, visit www.ambest.com. Axeria IARD was acquired by Somers Group Holdings Ltd. in April of 2021. 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. hU[O0+~/DBH ["LE. Our Lloyd's Syndicate 2232 is rated A+ (Strong) by Standard & Poor's and AA-(Very Strong) by Fitch. @>x@Bi2>dE? WATFORD INSURANCE COMPANY EUROPE LIMITED. Suite 3, Ground Floor the full functionality of the web site. 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. Warburg Pincus LLC is a leading global growth investor. Spain. Manager, Public Relations Apply to jobs now hiring in Watford on Indeed.com, the worlds largest job site. 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. About Somers Group Holdings Ltd. remains stable. Targeted or advertising cookies collect information about your browsing habits. This website uses cookies so that we can provide you with the best user experience possible. AM Best will evaluate on an ongoing basis Watfords risk-adjusted capitalization and invested asset valuations as updated information becomes available. 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. Gibraltar Reinsurers Financial Strength Press Release A.M. Best Rating Services, Inc. Insurance Bermuda Issuer Credit Rating Best's Credit Rating Action Rating Event. Out of 137 features in our database, our experts have selected the 48 most important ones. Your insurance could be issued under a trading name (for example, 'Churchill' is a trading name of U K Insurance Limited). Watford Group's underwriting subsidiaries, including Watford Insurance, have earned "A-" (Excellent) Financial strength rating from AM Best . Between 2012 and 2021, the number of people owning. Morristown, NJ 07962-1988. Performance cookies collect information about how you use our website, which helps us improve functionality and your user experience. Full Time position. 3rd Floor, Development House St Anne Street. Customer Service Rep. Salary Range or Wage: 40000 - 60000 GBP Yearly. On July 2, 2021, Watford Holdings Ltd. was acquired by Arch Capital Group Ltd. (40%) and funds managed by Kelso & Company (30%) and Warburg Pincus (30%). WICE has earned an "A- (Excellent)" rating from A.M. Best. 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. h@>:x=aV=QW3E%]St g8j727Gxb`}qmvmbhSBfVwMky*9w{n~ g:*/e_Ml DT C The under review status therefore is expected to be resolved following these discussions. In addition, WICE is rated "A" by Kroll Bond Rating Agency as a member of Somers Group Holdings Ltd. The underwriting insurer can often be found on your insurance documents. This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages. Services (UK) of an Overseas Firm. 5165 new. Fidelis Underwriting Limited. 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 . WATFORD INTERNATIONAL LIMITED. To Submit News go to - https://www.ambest.com/bestweek/submitnews.html, Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases, Bests News: AM Best Says Title Insurers Post Solid Results Amid Volatile Landscape, Insurers and Corporations Pared Head Counts Amid Artificial Intelligence Adoption, Survey Finds, Saga Breaks Off Talks With Australian Insurtech Over Potential Acromas Deal, Desjardins Completes $551.8 Million Deal for Three Guardian Life Subsidiaries, IGI President: Growth Looks Good in Reinsurance and Short-Tail Lines, AM Best: Title Insurers Post Solid Results Amid Volatile Landscape, Hurricane Ian Losses Push United Insurance Holdings to Bigger Loss in Fourth Quarter, Nationwide Annual Net Operating Income Falls by Half to $1.4 Billion, R&Q in Talks With Regulators to Liquidate Reinsurance Operation, Update: Insurtech Root Fires Chief Financial Officer, James River CEO: Carrier Suspending Casualty Reinsurance Business as Profit Improvement Continues, State Farm Posts $6.7 Billion Annual Net Loss as Incurred Auto Losses Climb Nearly 40%, Berkshire Hathaway CEO: Geico Policies-in-Force Declined by 1.7 Million in 2022, Embattled Insurance Executive Lindberg Indicted in Alleged $2 Billion Scheme, RMS Estimates $5 Billion in Insured Losses From Turkey Earthquakes, Liberty Mutual CEO: Insurer Poised to Capitalize on Market Conditions Following Aggressive Rate, Underwriting Actions, Ian, Net Underwriting Losses Erode Policyholder Surplus, Send UPC Into Receivership, Brookfields $1.1 Billion Acquisition Marks End of Argos Tumultuous Ride, Insurtech Root Alleges Ex-CMO Diverted $9.4 Million to Himself, Bests News: AM Best Says Changes in the Crypto Market Are Mirrored in Ransomware Activity, Donegal CEO: Commercial Lines Retention Strong but New Business Falls Short as Rates Rise, AM Best Affirms Credit Ratings of Somers Re Ltd. and Its Subsidiaries, AM Best Assigns Credit Ratings to Axeria IARD, AM Best Removes From Under Review With Negative Implications; Affirms Credit Ratings of Watford Re Ltd. and Its Subsidiaries, AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Watford Re Ltd. and Its Subsidiaries, Arch, Investment Partners Complete Acquisition of Watford Holdings. shorter-tail risks. The overall Somers Group platform with insurance and reinsurance capabilities in Bermuda, U.S. and Europe has a unique value proposition and is well positioned to deliver bespoke solutions and meaningful capacity to our clients around the world., Steve Dutton, Partner at Kelso, said, Ive been very impressed with the teams ability to recognize an opportunity and then reimagine an entire business model to position the company to thrive in the coming years. Company number 10885613. The insurance operations of Somers Group Holdings Ltd. will continue to operate under their existing names. Watfords assets are not commingled with any other HPS-managed fund. We strive to be an innovative, customer- focussed insurance group; providing an excellent experience through collaboration and consistently delivering value. Kelso has significant experience investing in financial services, having deployed approximately $3 billion of equity capital in the sector. If you wish to provide additional information about WATFORD INSURANCE COMPANY EUROPE LIMITED, please fill in the form below. Nature of business (SIC) About Somers Group Holdings Ltd. AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Ratings of" a-" of Somers Re Ltd. and its subsidiaries: Watford Insurance Company Europe Limited . 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. Monthly company sales related bonus divided among the team. As an important step toward this objective, Somers Re is pleased to announce that its new strategy and financial backing have resulted in AM Best affirming a Financial Strength Rating of A- stable. 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 . The Symbol, Number, or Score in the Rating Scale used to Denote the Credit Rating . profile, and seasoned management team. Gibraltar . subsidiaries of Arch Capital Group Ltd. (collectively referred to as Arch), in accordance with In 2015, Watford established insurance operations in Europe and the United States to provide specialty products and solutions to an expanded client base. 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. For more information please visit www.warburgpincus.com. 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.