Arch Capital Group Ltd., alongside private equity partners Warburg Pincus and Kelso & Co., announced that Watford Holdings Ltd. and Watford Re Ltd. have been renamed Somers Group Holdings Ltd. and Somers Re Ltd., respectively. Headquartered in Bermuda, the name …
Helix Underwriting Partners Ltd., the Bermuda-based managing general agency, has expanded its agency platform into the excess casualty insurance segment. The move will see Tim Hadler join as chief underwriting officer to lead the new program, which has received regulatory …
The latest group of reinsurers to emerge in the Bermuda market is starting to look different. Even the name that once described the cohort has changed in the past five years. And at least one member of the group of …
Capital Returns Management LLC, the fifth largest shareholder of Watford Holdings Ltd., is urging the re/insurer to sell itself or be put into runoff. In a letter to Watford’s board of directors, the activist shareholder and specialist insurance investor complained …
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. Included in the review are Watford subsidiaries Gibraltar-based Watford …
Newly formed Watford Specialty Insurance Co. (WSIC), a subsidiary of Bermuda-based Watford Re, took a big leap forward recently with its acquisition of a carrier with admitted licenses in all 50 states and the District of Columbia. The previously dormant …
Harrington Re, a fledgling Bermuda operation sponsored by AXIS Capital Holdings Ltd., has raised $600 million in capital designed to beef up underwriting and investment plans put forth by its sponsor. Blackstone Group will assist with investment management. For AXIS, …
Stock pops or stock drops, there’s always been at least one winner when it comes to Daniel Loeb’s reinsurance company: Daniel Loeb’s hedge fund. Loeb’s Bermuda-based Third Point Reinsurance Ltd. paid $98.8 million since 2013 to the entities that manage …
Watford Re Ltd. has formed a new excess and surplus lines insurer called Watford Specialty Insurance Co. (WSIC), based in Morristown, N.J. WSIC’s lines of business “will be similar to what we’ve been targeting on the reinsurance side, i.e., casualty …
Investment vehicles set up by Paulson & Co. and Highbridge Capital Management in tax-friendly Bermuda may be under threat from the U.S. Internal Revenue Service. The IRS, in proposed rules published Thursday, said that the favorable treatment enjoyed by insurers …
