HAMILTON, Bermuda--(BUSINESS WIRE)--Watford Holdings Ltd. ("Watford" or the "Company"), a global property and casualty insurance and reinsurance company, announced today that it has publicly filed a registration statement on Form 10 (the "Form 10") with the U.S. Securities and Exchange Commission in connection with the proposed listing of the Company’s common shares on The NASDAQ Global Market (the "Listing"). 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.
The Company also announced that its board of directors has authorized 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 "Repurchase Program"). Any such repurchases will be in accordance with applicable laws, the Company's organizational documents and the applicable terms of the Company’s outstanding securities. There can be no assurance such purchases will occur.
Watford has retained J.P. Morgan, Barclays and Morgan Stanley as joint lead advisors on the Listing. Bank of America Merrill Lynch and Keefe, Bruyette & Woods are acting as co-advisors to the Company on the Listing. Clifford Chance US LLP is acting as legal advisor to the Company.
Forward Looking Statements
This news release contains forward-looking statements. Forward-looking statements generally can be identified by the words “believes,” “expects,” “intends,” “plans,” “estimates” or similar expressions that indicate future events. These forward-looking statements include statements regarding the Listing, including the expected timing of the Listing, and the Repurchase Program, including the expected timing of the commencement of share repurchases. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including: uncertainties as to the timing of the Listing and the share repurchases and whether they will be completed or occur; the possibility that approvals and consents required to effectuate the Listing will not be received; market conditions; the Company's ability to enter into Rule 10b5-1 trading plans in connection with the Repurchase Program; and other risks set forth in Watford's Form 10. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Watford disclaims any obligation to update these forward-looking statements because of new information, future events or circumstances or other factors.