Business
Arch Capital Group Ltd. Closes Acquisition of Watford Holdings Ltd.
Kelso & Company and Warburg Pincus Are Investment Partners in the Transaction. PEMBROKE, Bermuda--(BUSINESS WIRE)-- Arch Capital Group Ltd. (“Arch”)[NASDAQ:
About this update from Arch Capital Group Ltd.
[{"type":"text","content":"\nKelso & Company and Warburg Pincus Are Investment Partners in the Transaction.\n\n PEMBROKE, Bermuda--(BUSINESS WIRE)--\nArch Capital Group Ltd. (“Arch”)[NASDAQ: ACGL], along with investment partners Kelso & Company (Kelso) and Warburg Pincus, today announced the completion of the previously disclosed acquisition of Watford Holdings Ltd. (Watford). Watford and Arch originally announced the signing of a definitive merger agreement on Nov. 2, 2020, through an affiliated entity of which Arch owns approximately 40%, and funds managed by Kelso and Warburg Pincus each own approximately 30%.\n\n“We are excited to complete this transaction, which will now allow our partners and Arch to move forward with the next chapter for Watford,” said Maamoun Rajeh, Chairman and CEO of Arch Worldwide Reinsurance Group. “We believe that the market conditions are ideal for us to develop the franchise and execute a strategy for Watford’s long-term success. I want to thank the teams on all sides for their dedication to successfully completing this transaction.”\n\nAbout Arch Capital Group Ltd.\n\nArch Capital Group Ltd., a publicly listed Bermuda exempted company with approximately $15.8 billion in capital at March 31, 2021, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.\n\nCautionary Note Regarding Forward-looking Statements\n\nThe Private Securities Litigation Reform Act of 1995 provides a \"safe harbor\" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.\n\nForward−looking statements can generally be identified by the use of forward−looking terminology such as \"may,\" \"will,\" \"expect,\" \"intend,\" \"estimate,\" \"anticipate,\" \"believe\" or \"continue\" or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusiv...