NEW YORK, May 19, 2020 /PRNewswire/ -- Capital Returns Management, LLC (together with its affiliates, "Capital Returns"), the fifth largest stockholder of Watford Holdings Ltd. (the "Company") (NASDAQ: WTRE), sent a letter to the Company's Board of Directors (the "Board") on Friday May 15, 2020.
In the letter, Capital Returns described the Company' poor performance for shareholders and noted the Company's current public market valuation, which is equivalent to a 60+% discount to tangible book value. Capital Returns expressed its view that the Board should take bold action to maximize shareholder value given the persistent and significant discount to tangible book value at which the Company's shares trade.
Capital Returns called on the Board to immediately engage financial advisors and conduct a strategic review. Capital Returns also expressed its belief that a liquidation or a sale represents the best path forward for stockholders and cited a peer reinsurer that conducted a strategic review and has substantially completed a liquidation in which 92+% of the peer company's book value is being distributed to shareholders.
The full text of Capital Returns' letter to the Watford Board can be found at the following link:
About Capital Returns
Capital Returns is a sector focused fund that invests exclusively in the insurance industry.
Investor and Media Contact:
Capital Returns Management
(212) 813 0860
SOURCE Capital Returns Management, LLC