<SEC-DOCUMENT>0001179110-21-007383.txt : 20210706
<SEC-HEADER>0001179110-21-007383.hdr.sgml : 20210706
<ACCEPTANCE-DATETIME>20210706165224
ACCESSION NUMBER:		0001179110-21-007383
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210701
FILED AS OF DATE:		20210706
DATE AS OF CHANGE:		20210706

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ARCH CAPITAL GROUP LTD.
		CENTRAL INDEX KEY:			0000947484
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38788
		FILM NUMBER:		211074804

	BUSINESS ADDRESS:	
		STREET 1:		WATERLOO HOUSE, GROUND FLOOR
		STREET 2:		100 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		441-278-9250

	MAIL ADDRESS:	
		STREET 1:		WATERLOO HOUSE, GROUND FLOOR
		STREET 2:		100 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08

	FORMER NAME:	
		FORMER CONFORMED NAME:	ARCH CAPITAL GROUP LTD
		DATE OF NAME CHANGE:	20000508

	FORMER NAME:	
		FORMER CONFORMED NAME:	RISK CAPITAL HOLDINGS INC
		DATE OF NAME CHANGE:	19950816

	FORMER NAME:	
		FORMER CONFORMED NAME:	RISK CAPITAL RE INC
		DATE OF NAME CHANGE:	19950703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ARCH REINSURANCE LTD.
		CENTRAL INDEX KEY:			0001765678
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38788
		FILM NUMBER:		211074803

	BUSINESS ADDRESS:	
		STREET 1:		WATERLOO HOUSE, FIRST FLOOR
		STREET 2:		100 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM08
		BUSINESS PHONE:		4412789200

	MAIL ADDRESS:	
		STREET 1:		WATERLOO HOUSE, FIRST FLOOR
		STREET 2:		100 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM08

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Watford Holdings Ltd.
		CENTRAL INDEX KEY:			0001601669
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				981155442
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		WATERLOO HOUSE
		STREET 2:		100 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		(441) 278-4124

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX HM 2069
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM HX
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-07-01</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001601669</issuerCik>
        <issuerName>Watford Holdings Ltd.</issuerName>
        <issuerTradingSymbol>WTRE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000947484</rptOwnerCik>
            <rptOwnerName>ARCH CAPITAL GROUP LTD.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 PITTS BAY ROAD</rptOwnerStreet1>
            <rptOwnerStreet2>WATERLOO HOUSE, GROUND FLOOR</rptOwnerStreet2>
            <rptOwnerCity>PEMBROKE</rptOwnerCity>
            <rptOwnerState>D0</rptOwnerState>
            <rptOwnerZipCode>HM 08</rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001765678</rptOwnerCik>
            <rptOwnerName>ARCH REINSURANCE LTD.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 PITTS BAY ROAD</rptOwnerStreet1>
            <rptOwnerStreet2>WATERLOO HOUSE, 1ST FLOOR</rptOwnerStreet2>
            <rptOwnerCity>PEMBROKE</rptOwnerCity>
            <rptOwnerState>D0</rptOwnerState>
            <rptOwnerZipCode>HM 08</rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares, $0.01 par value per share</value>
            </securityTitle>
            <transactionDate>
                <value>2021-07-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2039200</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>35</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote 2</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">On July 1, 2021, in connection with the acquisition of Watford Holdings Ltd. (Watford) by Greysbridge Holdings Ltd. (Greysbridge Holdings), Arch Reinsurance Ltd. (ARL) transferred the 2,039,200 common shares of Watford owned by ARL to Greysbridge Holdings in a transaction valued at $35.00 per share. Following consummation of the acquisition and certain related transactions, Watford is a wholly owned subsidiary of Greysbridge Holdings and Arch Capital Group Ltd. indirectly owns 40% of Greysbridge Holdings.</footnote>
        <footnote id="F2">The reported securities were owned directly by Arch Reinsurance Ltd., a wholly owned subsidiary of Arch Capital Group Ltd.</footnote>
    </footnotes>

    <remarks>Prior to the transaction described in Table 1, Arch Reinsurance Ltd. was a 10% owner.</remarks>

    <ownerSignature>
        <signatureName>/s/ Francois Morin</signatureName>
        <signatureDate>2021-07-06</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Tim Peckett</signatureName>
        <signatureDate>2021-07-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
