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Clifford Chance advises Watford Re Ltd. on its formation as a new Bermuda-based reinsurance company

20 May 2014

Clifford Chance advises Watford Re Ltd. on its formation as a new Bermuda-based reinsurance company

NEW YORK (May 20, 2014) — Leading international law firm Clifford Chance has advised Watford Holdings Ltd. and its wholly owned subsidiary Watford Re Ltd., a newly formed, Bermuda-based multi-line reinsurer, on the completion of Watford Re's $1.13 billion capital raise.  Watford Re received a financial strength rating of A- from A.M. Best Company and is a Class 4 insurer licensed by the Bermuda Monetary Authority.

Watford Re's reinsurance business will be managed by Arch Underwriters Ltd., a newly formed subsidiary of Arch Capital Group Ltd., and its assets will be managed by Highbridge Principal Strategies, LLC, a subsidiary of J.P. Morgan Asset Management.

New York-based Clifford Chance Insurance partner Gary Boss advised Watford on the transaction and its distinctive structure.  "Combining a diversified multi-line reinsurance business with an alternative investment strategy is a unique approach that differentiates Watford from traditional insurers," he said.  "This new structure positions Watford to generate attractive risk-adjusted returns for its shareholders over the long term while delivering unique abilities to provide underwriting solutions for Watford's clients."

The cross-border, cross-practice Clifford Chance team Mr. Boss led included Capital Markets, Corporate and Tax, Pensions & Employment lawyers in New York, as well as Capital Markets and Finance lawyers in London.

Clifford Chance is one of the world's leading law firms, helping clients achieve their goals by combining the highest global standards with local expertise. The Firm has unrivalled scale and depth of legal resources across Africa, the Americas, Asia Pacific, Europe and the Middle East, and focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax, pensions and employment; litigation and dispute resolution.  Clifford Chance has 35offices in 25 countries with some 3,400 legal advisers.  Among law firms, Clifford Chance has the only Insurance practice ranked Band 1 by Chambers Global 2014.

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