Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 17.3.2021  
C(2021 ) 1924 final  
PUBLIC VERSION  
Arch Capital Group Limited  
Waterloo House  
100 Pitts Bay Road   
HM 08  
Bermuda  
 
Kelso Investment Associates X, L.P. 
320 Park Avenue, 24th Floor   
10022 New York  
USA  
 
Warburg Pincu s LLC  
450 Lexington Avenue  
10017 New York  
USA  
Subject : Case M. 10099 – ARCH  / KELSO  / WARBURG  / WATFORD  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 23 February 2021 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which Arch Capital 
Group Ltd ( “Arch ”, Bermuda),  Kelso & Company L.P. (“ Kelso ”, United States ) and 
Warburg Pincus LLC (“ Warburg ”, United States)  acquire within the meaning of 
Article 3(1)(b) of the Merger Regulation  joint control of Watford Holdings Ltd 
(“Watford ”, Bermuda ) by way of  purchase of shares .3 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Communi ty’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 71, 1.3.2021 , p. 68. 

2 2. The business activities of the undertakings  concerned are:  
 for Arch : insurance, reinsurance and mortgage insu rance company active 
worldwide,  
 for Kelso : private equity investing in a range of industries, including consumer, 
energy, financial services, healthcare, industrial and services , 
 for Warburg : global private equity firm whose portfolio companies are active in 
a variety of sectors, including consumer, industrial and business services, energy, 
financial services, healthcare, real estate, and technology, media and 
telecommunications , and 
 for Watf ord: global property and casualty insurance and reinsurance company 
with operations in Bermuda, the United States and Europe.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of  the Merger  Regulation  and of 
paragraph s 5(a) and 5 (c) of the Commission Notice on a simplified procedure for 
treatment of certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in applicat ion of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .