Watford Announces Expected Impact of COVID-19 on 2020 First Quarter Results
Watford Holdings Ltd. - Common Shares (WTRE)
Last watford holdings ltd. - common shares earnings: 2/11 04:41 pm
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Source: GlobeNewswire
PEMBROKE, Bermuda, April 23, 2020 (GLOBE NEWSWIRE) -- Watford Holdings Ltd. (the "Company") [Nasdaq: WTRE] announced that it estimates that its 2020 First Quarter earnings will include a net investment loss of approximately $265 million due to investment market volatility caused by the economic shutdown mandated by governments around the world related to the COVID-19 virus. 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 $290 million. Realized losses in the quarter are estimated to be approximately $6 million. 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 $38 million. These losses will be included in the statement of comprehensive income (loss) and are mainly driven by mark-to-m
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