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Watford Holdings enters $100M letter of credit agreement

Watford Holdings Ltd. has entered into an unsecured 364-day letter of credit agreement with, among others, main operating subsidiary Watford Re Ltd. as account party, with total commitments of $100 million.

Watford Re may use the proceeds of the letter of credit agreement to aid its insurance obligations, those under reinsurance agreements and retrocession agreements to which it is a party and similar risk obligations.

The commitments under the agreement will terminate Sept. 19, 2020, but may be extended for an additional 364-day period, subject to terms and conditions.

Lloyds Bank Corporate Markets PLC and BMO Capital Markets Corp. are the joint lead arrangers and joint book runners. Lloyds Bank Corporate Markets is also an administrative agent and a letter of credit agreement agent.