The on again, off again, on again stock listing of Bermuda reinsurer watford holdings finally happened, and just in the nick of time. Watford directly listed on Nasdaq on Thursday, satisfying obligations to private investors that had seeded the company but without raising any money and to little fanfare. Only 129,000 shares traded on Thursday with the stock closing at US$27.00, or just 0.7-times book value. Watford, which is partially backed by and affiliated with Arch Capital, raised US$1.1bn of seed money back in 2014. It had until March 31 to list its stock, or else repurchase 20% of the shares, as part of that investment agreement.
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