Watford Holdings Ltd. (the Parent) and its wholly-owned subsidiary, Watford Re Ltd. (Watford Re), were incorporated under the laws of Bermuda on July 19, 2013. As used herein, the terms Company or Companies, or we, us and our, collectively refer to the Parent and/or, as applicable, its subsidiaries. Watford Re is licensed as a Class 4 multi-line insurer under the Insurance Act 1978 of Bermuda, as amended, and related regulations (the Insurance Act) and is licensed to underwrite general business on an insurance and reinsurance basis. Through Watford Re, the Company primarily underwrites reinsurance on exposures worldwide. On March 28, 2019, the Company completed a direct listing of its common shares on the Nasdaq Global Select Market. On June 28, 2019, the Company completed a direct listing of its 8% Cumulative Redeemable Preference Shares (the preference shares) on the Nasdaq Global Select Market. The Company did not issue any new common shares or preference shares, nor did the Company receive any proceeds from the sale of common shares or preference shares by the selling shareholders. Watford Re and Watford Insurance Company Europe Limited (WICE) have engaged Arch Underwriters Ltd. (AUL), a company incorporated in Bermuda and a wholly-owned subsidiary of Arch Capital Group Ltd. (ACGL), to act as their insurance and reinsurance manager pursuant to services agreements between AUL and Watford Re and WICE, respectively. AUL manages the day-to-day underwriting activities of Watford Re and WICE, subject to the provisions of the services agreement and the oversight of our board of directors. See Note 12, Transactions with related parties for further details. In May 2018, WICE formed a branch in Romania and commenced underwriting operations in June 2018. WICE is a wholly-owned subsidiary of Watford Re. Watford Specialty Insurance Company (WSIC) and Watford Insurance Company (WIC), which are wholly-owned, indirect subsidiaries of Watford Re, have engaged Arch Underwriters Inc. (AUI), a company incorporated in Delaware and a wholly-owned subsidiary of ACGL, to act as their insurance and reinsurance manager pursuant to services agreements between AUI and WSIC and WIC, respectively. AUI manages the day-to-day underwriting activities of WSIC and WIC, subject to the provisions of the services agreement and the oversight of our board of directors. See Note 12, Transactions with related parties for further details. The Company has engaged HPS Investment Partners, LLC (HPS), as investment manager of the assets in its non-investment grade portfolio pursuant to various investment management agreements. HPS invests the Companys non-investment grade assets and a portion of its investment grade assets, subject to the terms of the applicable investment management agreements. See Note 12, Transactions with related parties for further details. The Company has engaged Arch Investment Management Ltd. (AIM), a Bermuda exempted company and a subsidiary of ACGL, as investment manager of assets in its investment grade portfolio pursuant to various investment management agreements. AIM manages the majority of the Companys investment grade assets pursuant to the terms of the investment management agreements with AIM. See Note 12, Transactions with related parties for further details. The results for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full calendar year.