Clifford Chance Advising Watford Holdings on Purchase of France-Based Axeria

LONDON, England, Dec. 16 -- Clifford Chance, a law firm, issued the following news release:

Clifford Chance is advising Watford Holdings Ltd. ("Watford") in its agreement to purchase 100 percent of the capital stock of Axeria IARD ("Axeria") from the APRIL group. The purchase agreement was announced on December 6, 2019, and the transaction is expected to close in the Spring of 2020, subject to regulatory approval.

Axeria is a property and casualty ("P&C") insurance company based in Lyon, France and is active in the French and EU commercial P&C markets with in-force gross premiums written of approximately Euros140 million.

The transaction represents another significant milestone in the build-out of Watford's insurance business, and the company will work closely with its underwriting manager, Arch, to grow Axeria's business in France and develop new opportunities throughout the EU.

The Firm's cross-border team is being led in Paris by partner Laurent Schoenstein and, in New York, by partner Gary Boss. The Corporate team includes advocat of counsel Sue Palmer in Paris, counsel Julien Brun in Paris, legal consultant Neil Barlow in New York and advocate Alice Declercq in Paris. New York partner Mike Seaton is advising on tax matters.

Watford Holdings Ltd. (Nasdaq ticker "WTRE") is a global P&C insurance and reinsurance company, headquartered in Bermuda with operations in Bermuda, the U.S. and the EU. Clifford Chance has advised Watford on numerous matters, including the 2014 formation and US$1.13 billion capital raising for Bermuda-based Watford Re Ltd, which received awards for "Best Launch" and "Best Capital Raise" from Reactions magazine. The Firm also advised on Watford's 2019 direct listing on The Nasdaq Global Select Market, as well as its subsequent notes offering.