OCTOBER 14, 2020 05:08 PM (EDT)
AM Best Comments on Credit Ratings of Watford Re Ltd. and Its Subsidiaries
FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 14, 2020 05:08 PM (EDT)
The under-review status will be evaluated in due course, and will consider the announcement that Arch Capital Group Ltd., [NASDAQ: ACGL] (Arch) has entered into a definitive agreement with the group’s ultimate holding company, Watford, to acquire all of the common shares of Watford in an all-cash transaction valued at approximately $622 million. Following closing, which is expected to occur in the first quarter of 2021, Watford will continue to operate as a standalone business and remain consolidated within Arch’s financials.
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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.