Watford Announces Purchase of Axeria IARD
Watford Holdings Ltd. (NASDAQ: WTRE) has successfully acquired 100% of Axeria IARD, a property and casualty insurance firm based in France, from the APRIL Group. Headquartered in Lyon, Axeria generates approximately €140 million in gross premiums and operates in the commercial insurance market within the EU. CEO Jon Levy expressed optimism about leveraging Axeria’s expertise and Watford's capital to enhance business relationships and growth in Europe. Watford maintains a capital base of around $1.2 billion and operates globally.
- Acquisition of Axeria IARD expands Watford's presence in the European insurance market.
- Axeria contributes approximately €140 million in gross premiums, enhancing revenue potential.
- Watford's capital base of $1.2 billion supports business development efforts.
- A.M. Best placed Watford's financial strength ratings under review with negative implications.
- Regulatory approval and market conditions pose uncertainties for the acquisition's success.
Watford Holdings Ltd. ("Watford") (NASDAQ: WTRE) has completed the purchase of Axeria IARD (“Axeria”), a property and casualty insurance company based in France. Watford has acquired
Axeria is headquartered in Lyon, France, with branch offices in Lille and Bordeaux and is active in the French and European Union commercial property and casualty insurance market with in-force gross premiums written of approximately
Watford Chief Executive Officer Jon Levy commented: “We are pleased to add Axeria to our insurance business in Europe and look forward to working with them to carry out our development in the region. Our objective is to leverage our large capital base and Axeria’s experienced team to strengthen existing business relationships and to build new ones.”
About Watford Holdings Ltd
Watford Holdings Ltd. (Nasdaq ticker "WTRE") is a global property and casualty insurance and reinsurance company with approximately
Cautionary Note Regarding Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 (the “PSLRA”) provides a “safe harbor” for forward-looking statements. This news release contains forward-looking statements. Forward-looking statements, for purposes of the PSLRA or otherwise, generally can be identified by the words “believes,” “expects,” “intends,” “plans,” “estimates” or similar expressions that indicate future events. These forward-looking statements include statements regarding the Axeria IARD acquisition, including the expected timing of the acquisition and the related integration, the benefits of the acquisition and the impact of the acquisition on our and Axeria IARD's business, results of operations and financial condition. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including: uncertainties with respect to obtaining regulatory approval, satisfying other conditions to closing and the timing thereof; market conditions; and other risks set forth in the Company’s Registration Statement on Form S-1 (File No. 333-230080), as amended, filed with the Securities and Exchange Commission (the "SEC"), and in the Company’s periodic reports filed with the SEC. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Watford disclaims any obligation to update these forward-looking statements because of new information, future events or circumstances or other factors.
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