KBRA Publishes Surveillance Report for Somers Group and its Securities and Subsidiaries

On October 11, 2023, KBRA affirmed the A insurance financial strength ratings (IFSRs) of Somers Re Ltd. (Somers Re) and its wholly owned direct and indirect subsidiaries: Watford Insurance Company Europe Limited, Watford Specialty Insurance Company, Watford Insurance Company and Axeria IARD. Additionally, KBRA affirmed the BBB+ issuer rating of Somers Group Holdings Ltd. (Somers Group), the BBB+ debt rating on Somers Group’s senior unsecured notes due 2029, and the BBB debt rating on Somers Group’s subordinated unsecured notes due 2032. The Outlook for all ratings is Stable.

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