CELEX: 32021M10099
Language: en
Date: 2021-03-17 00:00:00
Title: Commission Decision of 17/03/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10099 - ARCH / KELSO / WARBURG / WATFORD) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

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 Pincus 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
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 23 February 2021, the European Commission received notification of a proposed
        concentration 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 ‘Community’ 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.
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.
 ---pagebreak--- 2. The business activities of the undertakings concerned are:
       for Arch: insurance, reinsurance and mortgage insurance 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 Watford: 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
   paragraphs 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 application 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.
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