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KBRA Affirms Watford Holdings Rating

A Rating - SF
June 06, 2019

Kroll Bond Rating Agency (KBRA) has affirmed the insurance financial strength ratings of A for the operating subsidiaries of Watford Holdings Ltd. (Watford Holdings)—Watford Re Ltd., Watford Insurance Company Europe Limited, Watford Specialty Insurance Company, and Watford Insurance Company (collectively referred to as Watford). KBRA also affirmed the issuer rating of BBB+ for Watford Holdings. Additionally, KBRA affirms the rating of BBB- for Watford Holdings' outstanding cumulative contingently redeemable preference shares. The outlook for all ratings remains stable.

The ratings reflect Watford's sound financial condition, diversified risk profile, and seasoned management team. Watford is a global total return (re)insurer that combines medium- to long-tail casualty risks with an investment strategy focused on noninvestment grade corporate credit fixed-income assets to generate attractive operating returns. Experienced, disciplined sourcing and underwriting of insurance and reinsurance business is provided by Arch Underwriters Ltd. and Arch Underwriters, Inc., both wholly owned subsidiaries of Arch Capital Group Ltd. (collectively referred to as Arch), in accordance with Watford's guidelines that specifically limit exposure to natural catastrophes and other shorter-tail risks.

Watford enjoys a good flow of high-quality business from its strategic relationship with Arch. HPS Investment Partners, LLC, is a New York-based global investment platform with a focus on noninvestment grade corporate credit that manages approximately two-thirds of Watford's assets based on guidelines formulated to complement Watford's underwriting portfolio.
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