Watford Holdings, which is part of the Arch Capital Group, has announced that it has completed the purchase of Axeria, a property and casualty insurance company based in France for an undisclosed sum.
Additionally, the company revealed it has acquired 100% of the capital stock of Axeria from the April Group.
Axeria is headquartered in Lyon, France, with branch offices in Lille and Bordeaux and is active in the French and European Union commercial property and casualty insurance market with in-force gross premiums written of approximately €140m (£121m).
Watford is a global property and casualty insurance and reinsurance company with operations in Bermuda, the United States, and Europe.
Jon Levy, CEO, Watford, said: “We are pleased to add Axeria to our insurance business in Europe and look forward to working with them to carry out our development in the region.
“Our objective is to leverage our large capital base and Axeria’s experienced team to strengthen existing business relationships and to build new ones.”