Topics The most well known are Standard & Poor's, Moody's, Fitch and A.M. Best. Keeping these cookies enabled helps us to improve our website and display content that is more relevant to you and your interests. 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 . 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. 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. Watford Holdings. ARCH . Your email address will not be published. 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. - financial data included in Best's Credit Report reflects the data used in determining the current credit rating(s). Kelso is one of the oldest and most established firms specializing in private equity investing. Watfords assets are not commingled with any other HPS-managed fund. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. #Watford LLC Thanks to the new P-to-C business model developed by Richard Watford . combines medium- to long-tail casualty risks with an investment strategy focused on Watford Insurance Company. Thank you! 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 . In addition, each of WSIC and WIC is rated "A" by Kroll Bond Rating Agency, similarly as members of the Watford Group. 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. Spain. 120 - 122 Rue Reaumur . On Nov. 4, 2021, Watford Holdings Ltd. changed its name to Somers Group Holdings Ltd. Somers Group has established insurance operations in Europe and the United States to provide specialty products and solutions to an expanded client base. Skip to main content. Red Sands Insurance Company (Europe) Limited is authorised and regulated by the Gibraltar Financial Services Commission and is subject to regulation by the . This press release relates to Credit Ratings that have been published on AM Bests website. Gibraltar. Additionally, Sioned Butler has been appointed Chief Financial Officer of Somers Re. AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Ratings of" a-" of Watford Re Ltd. and its . You can find out more about which cookies we are using or turn them off at any time in settings. Required fields are marked *. 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. Somers Group Holdings Ltd. subsidiary Watford U.S., includes Watford Specialty Insurance Company (WSIC), a New Jersey domiciled excess and surplus lines carrier and Watford Insurance Company (WIC), a New Jersey domiciled admitted carrier. Listing for: Sheridan Ward Recruitment Services Limited. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Watford Re and its underwriting subsidiaries have earned an "A- (Excellent)" financial strength rating from A.M. Best Company and an "A" rating from Kroll Bond Rating Agency. In addition, AM Best has maintained the under review with negative implications status for the Long-Term ICR of bbb- (Good) and the Long-Term Issue Credit Rating of bb (Fair) on the $225 million ($52 million outstanding) 8.5% cumulative preference shares of Watford Holdings Ltd. (Watford) (Bermuda) [NASDAQ: WTRE], the groups ultimate holding company. These cookies dont collect information that identifies you personally as a visitor. new. 740405. Company (collectively referred to as Watford). remains stable. 2296 0 obj <>stream 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). 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. Accountancy In Europe.com Ltd, based in Watford, provides accountancy and tax services not only in Europe but across the globe. Services (UK) of an Overseas Firm. WICE has earned an A- (Excellent) rating from A.M. Best. Motor insurance Somerset Bridge Watford Insurance Company Europe Limited, Alwyn Insurance Company Limited and Southern . What Are the Key Elements of a Captive Feasibility Study? Director In addition, the competitive market conditions in the reinsurance sector may challenge the execution of the business plan. 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. PEMBROKE, Bermuda(BUSINESS WIRE) Fraud Hotline. About Somers Group Holdings Ltd. There are several high-profile international ratings agencies, who assess the financial stability of insurers and other financial institutions. Bests News & Research Service - May 01, 2020 11:07 AM (EDT). This web site needs javascript enabled to work properly. shorter-tail risks. This web site needs javascript enabled to work properly. The publisher estimates that in 2021 around 12.1 million adults were covered by mobile phone insurance and 5.7 million by gadget insurance. Bests News & Research Service - October 18, 2016 03:14 PM (EDT). Sponsor Us 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 . Please tell us what we can do to improve this article. 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). S E T H: WHEREAS, the Company desires to cede, and Reinsurer desires to accept, a quota share participation in certain insurance policies written by the Company subject to the terms and conditions contained in this Agreement . For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Bests Credit Ratings. 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 AM Bests Recent Rating Activity web page. Nature of business (SIC) a Gibraltar-domiciled insurance company (the "Company") and. Part-Time. 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. Europort Avenue If you wish to provide additional information about WATFORD INSURANCE COMPANY EUROPE LIMITED, please fill in the form below. There are several high-profile international ratings agencies, who assess the financial stability of insurers and other financial institutions. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. Earlier this year, the company closed its acquisition of France-based insurance company Axeria IARD. Please enable Strictly Necessary Cookies first so that we can save your preferences! AM Best expects to resolve the under review with negative implications status when Watfords risk-adjusted capitalization is restored back to its prior level. In 2015, Watford established insurance operations in Europe and the United States to provide specialty products and solutions to an expanded client base. Watford Insurance Company Europe Limited; Alwyn Insurance Company Limited; and Southern Rock Insurance Company Limited. 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. We are taking the best parts of Watford and adding new strategies and capabilities., Michael Thompson, Managing Director at Warburg Pincus, added, We are pleased to be able to partner with Arch to deliver performance for Somers Re policyholders and trading partners. Experienced, disciplined sourcing and underwriting of insurance and reinsurance :. 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. We are looking for an experienced accountant/bookkeeper, confident with accounting softwares and Microsoft 365. Watfords assets are managed by HPS, a New York-based, SEC-registered investment adviser. ALL RIGHTS RESERVED. Kroll Bond Rating Agency (KBRA) has affirmed the insurance financial strength ratings of A for 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. Customer Service Rep. Salary Range or Wage: 40000 - 60000 GBP Yearly. Axeria IARD was acquired by Somers Group Holdings Ltd. in April of 2021. h@>:x=aV=QW3E%]St g8j727Gxb`}qmvmbhSBfVwMky*9w{n~ g:*/e_Ml DT C 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. AM Best will evaluate on an ongoing basis Watfords risk-adjusted capitalization and invested asset valuations as updated information becomes available. View source version on businesswire.com: The ratings reflect Watford's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Full Time position. Company reviews. 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. subsidiaries of Arch Capital Group Ltd. (collectively referred to as Arch), in accordance with Third-party cookies include performance cookies and targeted or advertising cookies.