About Us


Watford Re Ltd. (“Watford Re”) is a global specialty insurer and reinsurer headquartered in Bermuda. Watford Re was capitalized in March 2014 with $1.1 billion, and is registered as a Class 4 insurer with the Bermuda Monetary Authority. Watford Holdings Ltd, the parent company of Watford Re, is publicly-traded under the ticker symbol “WTRE” on Nasdaq.

In 2015, Watford established insurance operations in Europe and the United States to provide specialty products and solutions to an expanded client base. Watford Re and its underwriting subsidiaries have earned an “A- (Excellent)” financial strength rating from A.M. Best Company and an “A” rating from Kroll Bond Rating Agency.

Our strategy partners us with best-in-class underwriting and investment managers to combine a diversified insurance business with a tailored investment portfolio. This strategy leverages the expertise and global distribution of our partners to enable us to offer innovative products at competitive terms to our clients while generating an attractive return over time for our shareholders.

Our underwriting operations are managed exclusively by subsidiaries of Arch Capital Group Ltd. (“Arch”). Arch is a leading global insurance and reinsurance company and is publicly traded under the ticker symbol “ACGL”. Arch has invested $100 million in common shares of Watford Holdings.

A significant majority of Watford Re’s investments are managed by HPS Investment Partners, LLC (“HPS”), a leading corporate credit investment platform headquartered in New York managing approximately $46 billion in fixed-income assets as year-end 2018. The remainder of our invested assets are held in investment grade fixed-income securities.

Executive Team

Jon Levy

Chief Executive Officer

Robert Hawley

Chief Financial Officer

Laurence Richardson

Chief Operating Officer

Liz Cunningham

Chief Risk Officer

Alexandre Scherer

Chief Executive Officer US Insurance

Board of Directors

Walter L. Harris

Chairman of the Board and Director

Deborah DeCotis


Elizabeth Gile


Thomas Miller


Nicolas Papadopoulo


Garth Lorimer Turner


Maamoun Rajeh


Mr. Levy has served as our Chief Executive Officer since April 1, 2020 and as our President since February 2018. In addition, from March 2014 to January 2020, he served as our Chief Risk Officer.

Mr. Levy has over 20 years of insurance experience, most recently with Endurance Specialty Holdings Ltd., where he worked from July 2008 to March 2014, most recently serving as Senior Vice President and Chief Pricing Actuary of Global Insurance. His prior roles within Endurance include Chief Pricing Actuary of Bermuda Insurance, after joining Endurance in 2008 as its Corporate Actuary. Prior to Endurance, Mr. Levy was a Senior Consultant at Tillinghast Towers Perrin where he provided consulting services for domestic and international insurers and reinsurers. Prior to Tillinghast, Mr. Levy spent five years with ACE INA in Philadelphia.

Mr. Levy holds an A.B. from Lafayette College. He is also a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries.


Mr. Hawley has close to 20 years of professional experience in public accounting and reinsurance. Prior to joining Watford Re, he held the position of Vice President, Corporate Treasury Manager at XL Group plc (“XL”).

At XL he was responsible for capital and collateral management, including debt capital market and credit facility transactions. From 2006 – 2009 Mr. Hawley worked at Renaissance Re Holdings Ltd., Bermuda, as the Assistant Treasurer where his role included treasury, rating agency and investor relations management. During 2002 - 2006 he worked as Assistant Vice-President, Account Executive at Marsh McLennan Companies Inc., Bermuda and was responsible for management of several Fortune 500 captive insurance companies. Mr. Hawley was a Corporate Advisory Services Manager at KPMG LLP, London, Canada, from 1995 – 2002.

Mr. Hawley is a Chartered Professional Accountant, Chartered Accountant and a member of the Chartered Professional Accountants of Ontario, Canada.


Mr. Richardson officially joined Watford Holdings in July 2016 after having been involved with Watford from its conceptualization to formation, funding and operation in his role as Senior Vice President – Capital Markets at Arch Capital Group, a co-sponsor of Watford. Since Watford’s formation he has remained an integral member of the Watford team within Arch. He had joined Arch Capital Group in early 2012, where he primarily focused on convergence transactions through which reinsurance risk is transferred to capital markets investors.

Prior to joining Arch, Mr. Richardson held the position of Senior Vice President in the Ventures Group at RenaissanceRe, which develops and structures non-traditional reinsurance products, makes strategic investments and creates and manages RenRe’s joint ventures and other managed vehicles, including Top Layer Re, DaVinci Re, Timicuan Re, Starbound Re-I, Starbound Re-II and Channel Re. Mr. Richardson had joined RenaissanceRe in mid-2001. Prior to joining RenaissanceRe, Mr. Richardson was an investment banker with over 15 years of experience in the structured products and securitization arena, having been employed at a number of nationally-recognized Wall Street firms, including the law firm Thacher, Proffitt & Wood, and the investment banks of E. F. Hutton & Co., Donaldson, Lufkin & Jenrette Securities Corporation, and Alex. Brown & Sons, Incorporated.

Larry was graduated from the University of Virginia with both B.S. in Commerce and Juris Doctor degrees.



Ms. Cunningham has over 15 years of professional experience in insurance and risk management, most recently serving as the Chief Risk Officer for Nautilus Indemnity Holdings Ltd (“Nautilus”).

Prior to joining Nautilus, she was a Partner in Deloitte and led the Actuarial, Risk and Analytics practice across Bermuda and the Caribbean region. Ms. Cunningham provided consulting services to insurance and reinsurance clients writing property, casualty, and specialty coverages across the globe.


Ms. Cunningham holds a BSc (Hons) in Actuarial Mathematics and Statistics from Heriot Watt University and a MBA from Edinburgh Business School.  She is a Fellow of the Institute and Faculty of Actuaries (UK) and a Chartered Enterprise Risk Actuary


Alex Scherer has over 23 years of experience in the insurance and reinsurance industry, including 11 years with AXA Insurance Company, of which he served 8 years as President, CEO, and Director as well as 3 years as Executive Vice President and Chief Operating Officer.

He also served as President and CEO as well as Executive Vice President and Chief Operating Officer of AXA Liabilities Managers, Inc. Prior to that, he served as Vice President, Alternative Risk Transfer Underwriter as well as Risk Manager at AXA Reinsurance Company. He also served as Second Vice President of Sorema North America and Underwriter and Head of Alternative Risk Transfer of Sorema SA.

Alex Scherer holds an Engineering degree from Ecole Centrale de Paris, France. He is a Qualified Actuary from the French Actuaries Institute (France) and a Member of the American Academy of Actuaries.


Walter Harris is a veteran CEO and insurance industry expert with 38 years of experience. In addition to leading two major insurance brokerage companies, Walter has extensive experience as a corporate director of publicly-traded companies including serving as Chair of the Audit Committee of the Loews Corporation since 2004. Walter is also Chairman of the Board of Directors of Watford Re, a hedge fund reinsurer headquartered in Bermuda. He has served as a senior advisor to The Related Companies, one of the largest real estate companies in New York, and provides strategic advice to private equity funds.

From 2014 through July 2019, Walter has served as President and CEO of FOJP Service Corporation and Hospitals Insurance Company, where he was brought in by the Board of Directors to lead a major turnaround and restructuring effort. FOJP and HIC provide comprehensive insurance and risk management advisory services, and its clients include leading academic hospitals including Mt. Sinai Health System, Montefiore Health System, and Maimonides Medical Center. After restructuring the entity, he arranged a sale of the Company to The Doctors Company which closed at the end of July. Currently, he is a Senior Advisor to the CEO of The Doctors Company.

Prior to that, Walter was Vice Chairman of Alliant Insurance Services, Inc., one of the largest insurance brokerage firms in the country. He became Vice Chairman of Alliant after spending nearly three decades as President and CEO of T&H Group, a company he joined in 1980 and built into one of the largest privately held property/casualty and benefit brokers in the United States. Before joining T&H Group, Walter was a tax attorney at a Wall Street law firm.

In addition to currently serving on the Board of Directors of Loews Corporation and Watford Re, Walter has also served on the boards of CNA Financial Corporation, Universal American Financial Corporation, Metropolitan National Bank and New York Federal Savings Bank. Walter is a past president of the Insurance Brokers Association of New York.

Walter’s civic and charitable activities include serving as a member of the Stanford University Athletics Board; Chairman of the Citizens Budget Commission (CBC), a nonpartisan organization dedicated to fiscal stewardship in New York State; and a member of the Board of Directors of The Chamber Music Society of Lincoln Center.

Walter received a BA from Stanford University, a JD from the University of California at Berkeley, and an LLM in taxation from New York University School of Law.

Deborah DeCotis, a retired Morgan Stanley Managing Director, is active on various professional and philanthropic boards. Currently she serves as director on both Allianz Global Investors Capital LLC – Multi-Fund Board and the PIMCO Closed-End Funds Board. Her prior professional experience also includes being a director and member of the Audit and Governance Committee for Armor Holdings, a manufacturer of military-grade safety equipment.   She served as Lead Director during the sale of Armor to BAE. Prior to Armor she was an executive vice-president for Sotheby Holdings, Inc. Outside of the professional realm she is a member of Circle Financial Group and the Council of Foreign Relations.

She also recently ended her term as a trustee on the board of Stanford University, where she previously served on the Advisory Council of Stanford Business School and was trustee and Chair of the Stanford Business School Trust where she was a recipient of the John W. Gardner Volunteer Leadership Award. In addition, Ms. DeCotis recently completed her ten year term as co-Chair of the Special Projects Committee at Memorial Sloane Kettering Hospital, having served on that Committee for 28 years.

Ms. DeCotis holds a BA in Mathematics from Smith College and an MBA from the Stanford Graduate School of Business, from which she graduated with distinction as a Miller Scholar (top 10% of the class).

Betsy Gile is a member of the Board of Directors of Keycorp, Deutsche Bank Trust Company of the Americas, and of various funds managed by BlueMountain Capital, a $19B hedge fund family. She is head of the Risk Committee at both Keycorp and Deutsche Bank.

Before her retirement in 2005, she was a managing director and global head of the Loan Exposure Management Group at Deutsche Bank AG. She was hired to create a new business division to manage the bank’s $100 billion loan portfolio using capital market instruments and derivatives to reduce the volatility of financial results, while enabling the bank to remain a major lender to valued clients.

She spent the first 24 years of her career at J.P. Morgan, where at varying points in their North American business, she was responsible for High Grade Credit Markets trading, Credit Portfolio Management, Corporate Lending and Credit Research.

Ms. Gile holds a B.A. from Dartmouth College in Government and History, where she graduated Phi Beta Kappa, Summa Cum Laude.

Mr. Miller is an independent director. Mr. Miller retired from PricewaterhouseCoopers Bermuda in 2016, having been with the firm since 1984. He became a partner of Coopers & Lybrand in 1991 and was managing partner of the firm at the time of the merger with Price Waterhouse in 1998 and was joint managing partner of the merged PwC firm until 2003. He served a wide variety of international clients, primarily financial services and specifically insurance and reinsurance companies.

Mr. Miller lives in Bermuda and has a long history of community involvement serving on the boards of a number of organisations over the last 30 years including: Bermuda Government’s Audit Committee, The Bermuda Institute of Chartered Accountants, Past Commodore of Royal Bermuda Yacht Club and Committees of the America’s Cup in Bermuda.

Mr. Miller obtained his professional designation as a Chartered Accountant in 1981. He received his Bachelor of Commerce from Queen’s University, Kingston Ontario, and holds the professional designation of FCPA.

Nicolas Papadopoulo has served as the Chief Executive Officer of Arch Reinsurance Group, an officer position of Arch Capital Group Ltd., since July 2014. He also serves as a member of the Company’s Executive Strategy Committee. Prior to July 2014, he served as President and Chief Executive Officer of Arch Reinsurance Ltd. since November 2005. Prior to November 2005, he served as Chief Underwriting Officer of Arch Reinsurance Ltd. from October 2004. He joined Arch Reinsurance Ltd. in December 2001 as a Senior Property Underwriter.

Prior to the time, he held various positions as Sorema N.A. Reinsurance Group, a subsidiary of Groupama from 1990, including Executive Vice President and Chief Underwriting Officer since 1997. Prior to 1990, Mr. Papadopoulo was an insurance examiner with the Ministry of Finance, Insurance Department, in France.

Mr. Papadopoulo graduated from École Polytechnique in France and École Nationale de la Statistique et de l’Administration Economique in France with a masters degree in statistics. He is also a member of the International Actuarial Association and a Fellow at the French Actuarial Society.

Mr. Lorimer Turner is an independent director. He currently serves as Co-Founder and Director of Cohort Limited, a Bermuda company founded in July 2012 which provides corporate management and consultancy services to offshore companies and funds and acts as a Trading Member of the Bermuda Stock Exchange.

From August 2001 through to July 2012, Mr. Lorimer Turner served as Managing Director of Jupiter Asset Management (Bermuda) Limited, a wholly owned subsidiary of Jupiter Fund Management Plc, a leading U.K. fund management group listed on the London Stock Exchange with products that range from unit trusts to investment companies and offshore funds.

Mr. Lorimer Turner received a Bachelor of Law from the University of Southampton, England and Law Society Finals from the College of Law at Lancaster Gate in London. Mr. Lorimer Turner is a qualified lawyer in England & Wales, Hong Kong and a Bermuda qualified barrister and attorney.

Maamoun Rajeh was promoted to the position of Chairman and Chief Executive Officer of Arch Worldwide Reinsurance Group in October 2017. From July 2014 to September 2017, he was the President and Chief Executive Officer of Arch Reinsurance Ltd. He joined Arch Reinsurance Ltd. in 2001 as an underwriter, ultimately becoming Chief Underwriting Officer in November 2005. He then served as President and Chief Executive Officer of Arch Reinsurance Europe Underwriting Limited from August 2012 to July 2014.

Prior to Arch, Mr. Rajeh served as Assistant Vice President from 1999 to 2001 at HartRe, a subsidiary of The Hartford Financial Services Group, Inc. Mr. Rajeh also served in several business analysis positions at the United States Fidelity and Guarantee Company between 1992 and 1996 and as an underwriter at F&G Re from 1996 to 1999.

Mr. Rajeh has a B.S. from The Wharton School of Business of the University of Pennsylvania, and he is a Chartered Property Casualty Underwriter.