Conyers Dill & Pearman

Offshore Top 30 position: 7

Conyers advises on the licensing of Watford Re as a Class 4 insurer

Conyers Dill & Pearman has advised on the licensing by the Bermuda Monetary Authority of Watford Re, a multi-line Bermuda reinsurance company that launched with $1.13bn (£674m) of capital, as a Class 4 insurer.

Arch Underwriters, a subsidiary of Arch Capital Group Ltd (AGCL), will act as Watford’s reinsurance manager, and Highbridge Principal Strategies, a subsidiary of JPMorgan Chase & Co, will manage Watford’s investment assets, each under a long-term services agreement.

Watford has received an ‘A-’ (Excellent) financial strength rating from AM Best. Watford’s strategy is to combine a diversified reinsurance business with a disciplined investment strategy comprised primarily of non-investment-grade credit fixed-income assets.

Watford was capitalised by way of a private offering by Watford’s parent, Watford Holdings, which issued $907m common shares, including a $100m investment by a subsidiary of AGCL and $226m preference shares.

Graham Collis, Chris Garrod and Mary Ward of Conyers’ Bermuda office advised on the matter, working alongside Clifford Chance and Cahill Gordon & Reindel.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Conyers Dill & Pearman

View more briefings from Conyers Dill & Pearman


Clarendon House
2 Church Street
PO Box HM 666

Qualified lawyers: 127
Partners: 55