Stock Alert: Watford Holdings Surges 40% On News Of Acquisition

(RTTNews) - Shares of Watford Holdings Ltd. (WTRE) are currently gaining over 40% on Wednesday morning on reports that a consortium led by Arch Capital has made a $500 bid to acquire the company.

WTRE is currently trading at $24.85, up $6.98 or 39.06%, on the Nasdaq.

A consortium led by Bermuda-based re/insurer Arch Capital Group has put forward a $500 million offer to buy Watford Holdings, according to a report by Reuters.

Watford has lost about a third of its value since it went public last year. Activist investor Capital Returns Management LLC had asked in May for Watford to be sold.

Arch has partnered with private equity firms to offer about $26 per share for Watford, the report said.