Watford Holdings Ltd. has agreed to acquire French property and casualty insurer Axeria IARD from the APRIL Group.

The transaction is expected to close in the spring of 2020, subject to regulatory approval.

Axeria is active in the commercial P&C insurance market of France and elsewhere in the European Union. It has in-force gross premiums written of approximately €140 million.

APRIL Group said the deal was in line with its new development strategy, which it announced in March.

Fenchurch Advisory Partners was APRIL Group's financial adviser on the deal.