Watford Holdings Ltd.’s $175.0 Million Senior Notes Offering


Clifford Chance advised Watford Holdings Ltd. on its $175.0 million offering of senior notes.

The offering includes $175.0 million aggregate principal amount of 6.50% senior unsecured notes due 2029, offered pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The offering closed on July 2, 2019. The notes are expected to receive Tier 3 capital treatment under the Bermuda Monetary Authority’s capital requirement rules.

Watford is a global provider of property and casualty insurance and reinsurance with approximately $1.2 billion in capital as of March 31, 2019, with operations in Bermuda, the United States, and Europe.

The team included partners Gary Boss (Picture), Per Chilstrom and Mike Seaton, assisted by New York associates Dean Agnos (Insurance), Kirsten Gaeta (Insurance) and Sean Smestad (Tax) as well as London associate Drew Rundus (Capital Markets).

Involved fees earner: Dean Agnos – Clifford Chance; Gary Boss – Clifford Chance; Per Chilstrom – Clifford Chance; Kirsten Gaeta – Clifford Chance; Drew Rundus – Clifford Chance; Michael Seaton – Clifford Chance; Sean Smestad – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Watford Holdings;