Arch Capital-backed reinsurer Watford Re mulls Nasdaq IPO

The parent company of Bermuda-based Watford Re, a reinsurance sidecar launched by Arch Capital and Highbridge Capital, has filed for an initial public offering (IPO) on the Nasdaq.

Watford Holdings has publicly filed a registration statement on Form 10 with the US Securities and Exchange Commission in connection with the proposed listing of the company’s common shares on the Nasdaq Global Market.

The company also announced that its board of directors has authorised a share repurchase program under which the company may, following the listing, repurchase up to $75 million of its outstanding common shares from time to time on the open market or in privately negotiated transactions.

The firm also stated that the timing of the listing is subject to market and other conditions, including the effectiveness of the Form 10. There can be no assurance the company will be able to complete the listing.

Watford Re was capitalised in March 2014. Its underwriting operations are managed exclusively by subsidiaries of Arch, which has also invested $100 million in common shares of Watford Holdings.