Watford Announces Expected Impact of COVID-19 on 2020 First Quarter Results
The net investment loss is predominantly comprised of unrealized mark-to-market losses to the Company's non-investment grade fixed-income portfolio. The impact of unrealized mark-to-market losses on net income is estimated to be approximately
In addition, the Company expects that its book value will be impacted by unrealized mark-to-market losses to its investment grade portfolio of approximately
The impact of COVID-19 on the Company’s 2020 first quarter underwriting results is not expected to be material, due to the mix of business underwritten.
The Company expects to release its 2020 first quarter results after the close of regular stock market hours on
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of
Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. These forward-looking statements include statements regarding the Company's expectations and estimates for its 2020 first quarter results. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions, including those caused by pandemics, including COVID-19, and government actions in response thereto; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
Source: Watford Holdings Ltd.