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Watford Holdings Ltd. (Nasdaq: WTRE) announced a quarterly dividend of $0.48385 per share on its 8½% Cumulative Redeemable Preference Shares (WTREP), payable on September 30, 2020 to holders of record as of September 15, 2020. The dividend rate for these shares is linked to the 3-month USD LIBOR plus a margin of 6.6785%. As of June 30, 2020, Watford reported approximately $1.0 billion in capital, with A.M. Best assigning a financial strength rating of A- and Kroll Bond Rating Agency reaffirming an A rating but with a negative outlook.
Watford Holdings reported a net income of $188.8 million for Q2 2020, a significant increase from $13.8 million in Q2 2019. The company’s book value per diluted share rose 37.6% to $38.82. The combined ratio was 108.0%, up from 103.5% year-over-year. Net investment income surged to $199.5 million, compared to $23.8 million in the prior year, driven by unrealized gains. However, the company recognized a $5.2 million COVID-19 loss provision, primarily affecting property reinsurance. Earnings reflect resilient performance amid pandemic uncertainties.
Watford Holdings Ltd. (WTRE) will announce its second quarter 2020 results on July 29, 2020, after market hours. A conference call for investors and analysts is scheduled for July 30, 2020, at 1:00 p.m. Eastern Time. Interested parties can access a live webcast on the Company’s website, with a replay available from July 31, 2020. As of March 31, 2020, Watford holds approximately $799 million in capital and offers worldwide insurance and reinsurance through its subsidiaries. The company emphasizes caution regarding forward-looking statements.
Watford Holdings Ltd. (Nasdaq: WTRE) announced a quarterly dividend of $0.50580 per share on its 8½% Cumulative Redeemable Preference Shares, payable on June 30, 2020, to holders of record as of June 15, 2020. The dividend rate is adjusted quarterly based on the 3-month USD LIBOR plus a margin of 6.6785%. As of March 31, 2020, Watford maintained approximately $788.9 million in capital but faced potential downgrades in financial strength ratings from A.M. Best and Kroll Bond Rating Agency, reflecting ongoing risks and uncertainties.
Watford Holdings Ltd. (NASDAQ: WTRE) reported a significant net loss of $267.8 million for Q1 2020, a stark contrast to a net income of $47.6 million in Q1 2019. This loss predominantly stemmed from a $262.7 million investment loss linked to COVID-19 market volatility. Book value per share dropped 35.1% to $28.21. Gross premiums written increased by 25.8% to $234.9 million, while net premiums earned fell by 4.1% to $140.0 million. The combined ratio worsened slightly to 104.4% due to a 3.1% rise in the loss ratio. Share repurchases have been suspended due to pandemic uncertainties.