WSIC acquires dormant insurance company in US expansion

Watford Specialty Insurance Company has acquired a previously-dormant insurance company as part of its strategy to develop its US insurance operations.

The acquisition provides Watford with access the US admitted property and casualty insurance market in partnership with Arch Underwriters, a wholly-owned subsidiary of Arch Reinsurance Company.

The company has been rebranded as Watford Insurance Company (WIC), and now been re-domiciled to New Jersey, WSIC’s domicile state. WIC holds admitted insurance licenses in all 50 states as well as the District of Columbia.

WIC’s main focus will be to join with experienced program managers who are seeking a long-term relationship with a carrier that can provide highly-rated capacity.

WIC’s liabilities connecting to pre-acquisition business are fully reinsured pursuant to a 100 percent quota share agreement with The Hanover Insurance Company.