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xlink:href="wtre-20210701.xsd"></link:schemaRef></ix:references><ix:resources><xbrli:context id="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001601669</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2021-07-01</xbrli:startDate><xbrli:endDate>2021-07-01</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="i96ce1f67fd6b41df9e4b7c02548855b4_D20210701-20210701"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001601669</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2021-07-01</xbrli:startDate><xbrli:endDate>2021-07-01</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="ic2a7fdf44f694f07a19992eaa4328e55_D20210701-20210701"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001601669</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:RedeemablePreferredStockMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2021-07-01</xbrli:startDate><xbrli:endDate>2021-07-01</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="i9ca3ec5d2c104d6c94656633cdbbf276_1"></div><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Washington, D.C. 20549</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.783%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">FORM <ix:nonNumeric contextRef="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701" name="dei:DocumentType" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGV4dHJlZ2lvbjo2YzQ4MDBkZDEwYzE0Y2FhYmEwOTcyZWExZGY0NTA5NV8xNTEw_dd877a6e-12a7-43f6-8e36-8b0eefa15cc8">8-K</ix:nonNumeric></span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.783%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CURRENT REPORT</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pursuant to Section 13 or 15(d) of the </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securities Exchange Act of 1934</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Date of Report (Date of Earliest Event Reported): July 8, 2021 (<ix:nonNumeric contextRef="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGV4dHJlZ2lvbjo2YzQ4MDBkZDEwYzE0Y2FhYmEwOTcyZWExZGY0NTA5NV8yMzI_80e859b0-2256-4e72-b15d-c2dfaf2c9353">July 1, 2021</ix:nonNumeric>)</span></div><div style="margin-top:5pt;text-align:center"><table 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id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGFibGU6ZTAyMTU5YzRiZmIzNDRkOGFkMWM5YmE3YTQ1MDYzY2QvdGFibGVyYW5nZTplMDIxNTljNGJmYjM0NGQ4YWQxYzliYTdhNDUwNjNjZF8xLTQtMS0xLTA_1a08c801-ad91-43f9-b719-6d05c690e6f0">Bermuda</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Address of principal executive offices)</span></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701" name="dei:CityAreaCode" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGFibGU6OWFiZjdkMGMwY2IwNGM1YWI4YTAxN2QzNmEzYzk1MTQvdGFibGVyYW5nZTo5YWJmN2QwYzBjYjA0YzVhYjhhMDE3ZDM2YTNjOTUxNF8wLTEtMS0xLTA_1b68d1c4-0341-4be7-8384-e17e9ffefe96">(441)</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGFibGU6OWFiZjdkMGMwY2IwNGM1YWI4YTAxN2QzNmEzYzk1MTQvdGFibGVyYW5nZTo5YWJmN2QwYzBjYjA0YzVhYjhhMDE3ZDM2YTNjOTUxNF8wLTItMS0xLTA_68e2d761-a835-401c-9690-79dfecd7cf60">278-3455</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Registrant&#8217;s telephone number, including area code)</span></div></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">N/A</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Former name or former address, if changed since last report)</span></div></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.783%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:2pt"><span><br/></span></div><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):</span></div><div style="margin-bottom:2pt"><span><br/></span></div><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGV4dHJlZ2lvbjo2YzQ4MDBkZDEwYzE0Y2FhYmEwOTcyZWExZGY0NTA5NV8xNTEy_4c2cb36f-5a8a-434f-894d-69915d41277d">&#9744;</ix:nonNumeric>&#160;&#160;&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></div><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGV4dHJlZ2lvbjo2YzQ4MDBkZDEwYzE0Y2FhYmEwOTcyZWExZGY0NTA5NV8xNTE0_62e298fc-c445-4860-9f7c-96900d585f46">&#9744;</ix:nonNumeric>&#160;&#160;&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></div><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGV4dHJlZ2lvbjo2YzQ4MDBkZDEwYzE0Y2FhYmEwOTcyZWExZGY0NTA5NV8xNTE2_dc971388-17f6-41a3-8b67-b35b59aa6795">&#9744;</ix:nonNumeric>&#160;&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></div><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGV4dHJlZ2lvbjo2YzQ4MDBkZDEwYzE0Y2FhYmEwOTcyZWExZGY0NTA5NV8xNTIx_995b865d-105b-4cab-b963-e3204cec1e98">&#9744;</ix:nonNumeric>&#160;&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></div><div style="margin-bottom:2pt"><span><br/></span></div><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></div><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Emerging growth company <ix:nonNumeric contextRef="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGV4dHJlZ2lvbjo2YzQ4MDBkZDEwYzE0Y2FhYmEwOTcyZWExZGY0NTA5NV8xNTE3_ad7dc198-4d55-49a6-a221-bd7841b9c459">&#9746;</ix:nonNumeric></span></div><div style="margin-bottom:2pt"><span><br/></span></div><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <ix:nonNumeric contextRef="i1ceac42ec82d477e90c94e42c996b8a6_D20210701-20210701" format="ixt:booleantrue" name="dei:EntityExTransitionPeriod" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGV4dHJlZ2lvbjo2YzQ4MDBkZDEwYzE0Y2FhYmEwOTcyZWExZGY0NTA5NV8xNTIy_28ceeb66-72a6-4676-8f30-43684cb637f4">&#9746;</ix:nonNumeric></span></div><div style="margin-bottom:2pt"><span><br/></span></div><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Securities registered pursuant to Section 12(b) of the Act: </span></div><div style="margin-bottom:2pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.099%"><tr><td style="width:1.0%"></td><td style="width:39.436%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.545%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.297%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.545%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:33.477%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trading Symbol(s)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i96ce1f67fd6b41df9e4b7c02548855b4_D20210701-20210701" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGFibGU6MWNjMzRlNzhlMjVkNDRiODg5MzM1YjZlMTdjYTAzZTMvdGFibGVyYW5nZToxY2MzNGU3OGUyNWQ0NGI4ODkzMzViNmUxN2NhMDNlM18xLTAtMS0xLTA_1a64aebc-78e0-48c2-af71-1557e9314f96">Common Shares</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i96ce1f67fd6b41df9e4b7c02548855b4_D20210701-20210701" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGFibGU6MWNjMzRlNzhlMjVkNDRiODg5MzM1YjZlMTdjYTAzZTMvdGFibGVyYW5nZToxY2MzNGU3OGUyNWQ0NGI4ODkzMzViNmUxN2NhMDNlM18xLTItMS0xLTA_6bcd6817-602e-4232-a2d5-96fd97f2b3f9">WTRE</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i96ce1f67fd6b41df9e4b7c02548855b4_D20210701-20210701" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGFibGU6MWNjMzRlNzhlMjVkNDRiODg5MzM1YjZlMTdjYTAzZTMvdGFibGVyYW5nZToxY2MzNGU3OGUyNWQ0NGI4ODkzMzViNmUxN2NhMDNlM18xLTQtMS0xLTA_7559b227-6098-4ce4-9091-2d0f4a5c74c5">Nasdaq Global Select Market</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="ic2a7fdf44f694f07a19992eaa4328e55_D20210701-20210701" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGFibGU6MWNjMzRlNzhlMjVkNDRiODg5MzM1YjZlMTdjYTAzZTMvdGFibGVyYW5nZToxY2MzNGU3OGUyNWQ0NGI4ODkzMzViNmUxN2NhMDNlM18yLTAtMS0xLTA_f1680b88-b796-4eec-9a2f-66441f04f168">8&#189;% Cumulative Redeemable Preference Shares</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="ic2a7fdf44f694f07a19992eaa4328e55_D20210701-20210701" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjljYTNlYzVkMmMxMDRkNmM5NDY1NjYzM2NkYmJmMjc2L3NlYzo5Y2EzZWM1ZDJjMTA0ZDZjOTQ2NTY2MzNjZGJiZjI3Nl8xL2ZyYWc6NmM0ODAwZGQxMGMxNGNhYWJhMDk3MmVhMWRmNDUwOTUvdGFibGU6MWNjMzRlNzhlMjVkNDRiODg5MzM1YjZlMTdjYTAzZTMvdGFibGVyYW5nZToxY2MzNGU3OGUyNWQ0NGI4ODkzMzViNmUxN2NhMDNlM18yLTItMS0xLTA_d10f1660-bdc3-429c-84c4-ba0487b227e8">WTREP</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="ic2a7fdf44f694f07a19992eaa4328e55_D20210701-20210701" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" 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style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:103%">INTRODUCTORY NOTE</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On July 1, 2021, Watford Holdings Ltd. (the "Company") completed the previously announced merger of Greysbridge Ltd. ("Merger Sub") with and into the Company (the "Merger"), whereby the separate corporate existence of Merger Sub ceased and the Company became a wholly-owned subsidiary of Greysbridge Holdings Ltd. The </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Merger was effected pursuant to an Agreement and Plan of Merger by and among the Company, Arch Capital Group Ltd. and Merger Sub (as amended and assigned, the "Merger Agreement"). </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Merger became effective on July 1, 2021 (the &#8220;Effective Time&#8221;) pursuant to the Certificate of Merger that was issued by the Registrar of Companies in Bermuda on such date.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:103%">Item 1.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Termination of a Material Definitive Agreement. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On July 1, 2021, the Company and Watford Re Ltd. (&#8220;Watford Re&#8221;) delivered to HPS Investment Partners, LLC (&#8220;HPS&#8221;) notice of the occurrence of a &#8220;Company Termination Event&#8221; as defined in Section 14(b)(v) of the Second Amended and Restated Investment Management Agreement (the &#8220;IMA&#8221;), dated as of April 30, 2018 and effective as of January 1, 2018, by and among the Company, Watford Re, HPS and Arch Underwriters Ltd.  The notice stated that Watford Re was exercising its option, in accordance with Section 14(d) of the IMA, to terminate the IMA effective as of July 1, 2021 (the &#8220;Termination Date&#8221;), and that, as of the Termination Date, each of the separate investment management agreements by and among HPS and the Company&#8217;s subsidiaries Watford Insurance Company Europe Limited, Watford Insurance Company, Watford Specialty Insurance Company and Watford Asset Trust I, was also terminated. Under the terminated agreements HPS acted as the investment manager with respect to the non-investment grade investment portfolios of the Company and its subsidiaries which represented approximately 69% of the Company&#8217;s total investments as of December 31, 2020. The terminated agreements were filed as Exhibits 10.9, 10.10, 10.11, 10.12 and 10.13 to the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The Company and HPS have initiated discussions on a new set of investment management agreements. No assurances can be made that any such new investment management agreements will be entered into with HPS.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:103%">Item 5.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated herein by reference.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the Effective Time, each of Walter Harris, Deborah DeCotis, Elizabeth Gile, Jonathan Levy, Garth Lorimer Turner and Thomas Miller resigned from the board of directors of the Company. The decision of each of the departing directors to resign was not the result of any disagreement with the Company and was solely as a result of the Merger.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Merger Agreement, upon the closing of the Merger, the directors of Merger Sub (Chris Collins, Steve Dutton, Jerome Halgan, Nicholas Lee, Nicolas Papadopoulo, Maamoun Rajeh, and Michael Thompson) immediately prior to the Effective Time became the directors of the Company as of immediately following the Merger. Messrs. Papadopoulo and Rajeh were directors of the Company immediately prior to the Effective Time. Messrs. Collins and Dutton were appointed as directors by certain investment funds managed by Kelso &amp; Company; Messrs. Lee and Thompson were appointed as directors by certain investment funds managed by Warburg Pincus LLC; and Messrs. Halgan, Papadopoulo and Rajeh were appointed as directors by Arch Reinsurance Ltd. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Pursuant to the Merger Agreement, upon the closing of the Merger, the officers of Merger Sub (Jonathan Levy, Chief Executive Officer, and Elizabeth Cunningham, Chief Risk Officer) immediately prior to the Effective Time became the officers of the Company as of immediately following the Merger. In addition, the board of directors of the Company subsequently reappointed Robert Hawley as Chief Financial Officer effective as of July 1, 2021. Laurence Richardson no longer has the title Chief Operating Officer. Information about Mr. Levy, Mr. Hawley and Ms. Cunningham is contained in the Company&#8217;s Annual Report on Form 10K/A filed with the SEC on April 29, 2021, which information is incorporated herein by reference. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:103%">Item 5.03                      Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated herein by reference.</span></div><div style="text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 1, 2021, following consummation of the Merger, the bye-laws of the Company were amended and restated in their entirety. A copy of the amended and restated bye-laws of the Company is filed herewith as Exhibit 3.3 and is incorporated herein by reference.</span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)&#160;&#160;&#160;&#160;Exhibits.</span></div><div><span><br/></span></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:6.952%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.117%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:89.531%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Exhibit<br/>Number</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Exhibit Description</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.3</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%;text-decoration:underline" href="exhibit33arwatfordholdings.htm">Amended and Restated Bye-laws of Watford Holdings Ltd.</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cover Page Interactive Data File (formatted as Inline XBRL document).</span></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dated:  July&#160;8, 2021</span></div><div style="margin-bottom:8pt;margin-top:5pt;text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:60.818%"><tr><td style="width:1.0%"></td><td style="width:8.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:89.525%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">WATFORD HOLDINGS LTD.</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Jonathan D. Levy</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name: Jonathan D. Levy <br/>Title:    Chief Executive Officer</span></td></tr></table></div><div><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4</span></div></div></div></body></html>
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wtre-20210701
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 8, 2021 (
July 1, 2021
)
Watford Holdings Ltd.
(Exact Name of Registrant as Specified in its Charter)
Bermuda
001-38788
98-1155442
(State or other jurisdiction
of incorporation or organization)
(Commission File No.)
(I.R.S. Employer Identification Number)
Waterloo House, 1
st
Floor
100 Pitts Bay Road,
Pembroke
HM 08,
Bermuda
(Address of principal executive offices)
(441)
278-3455
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares
WTRE
Nasdaq Global Select Market
8½% Cumulative Redeemable Preference Shares
WTREP
Nasdaq Global Select Market
INTRODUCTORY NOTE
On July 1, 2021, Watford Holdings Ltd. (the "Company") completed the previously announced merger of Greysbridge Ltd. ("Merger Sub") with and into the Company (the "Merger"), whereby the separate corporate existence of Merger Sub ceased and the Company became a wholly-owned subsidiary of Greysbridge Holdings Ltd. The
Merger was effected pursuant to an Agreement and Plan of Merger by and among the Company, Arch Capital Group Ltd. and Merger Sub (as amended and assigned, the "Merger Agreement").
The Merger became effective on July 1, 2021 (the "Effective Time") pursuant to the Certificate of Merger that was issued by the Registrar of Companies in Bermuda on such date.
Item 1.02        Termination of a Material Definitive Agreement.
On July 1, 2021, the Company and Watford Re Ltd. ("Watford Re") delivered to HPS Investment Partners, LLC ("HPS") notice of the occurrence of a "Company Termination Event" as defined in Section 14(b)(v) of the Second Amended and Restated Investment Management Agreement (the "IMA"), dated as of April 30, 2018 and effective as of January 1, 2018, by and among the Company, Watford Re, HPS and Arch Underwriters Ltd.  The notice stated that Watford Re was exercising its option, in accordance with Section 14(d) of the IMA, to terminate the IMA effective as of July 1, 2021 (the "Termination Date"), and that, as of the Termination Date, each of the separate investment management agreements by and among HPS and the Company's subsidiaries Watford Insurance Company Europe Limited, Watford Insurance Company, Watford Specialty Insurance Company and Watford Asset Trust I, was also terminated. Under the terminated agreements HPS acted as the investment manager with respect to the non-investment grade investment portfolios of the Company and its subsidiaries which represented approximately 69% of the Company's total investments as of December 31, 2020. The terminated agreements were filed as Exhibits 10.9, 10.10, 10.11, 10.12 and 10.13 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The Company and HPS have initiated discussions on a new set of investment management agreements. No assurances can be made that any such new investment management agreements will be entered into with HPS.
Item 5.02        Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated herein by reference.
At the Effective Time, each of Walter Harris, Deborah DeCotis, Elizabeth Gile, Jonathan Levy, Garth Lorimer Turner and Thomas Miller resigned from the board of directors of the Company. The decision of each of the departing directors to resign was not the result of any disagreement with the Company and was solely as a result of the Merger.
Pursuant to the Merger Agreement, upon the closing of the Merger, the directors of Merger Sub (Chris Collins, Steve Dutton, Jerome Halgan, Nicholas Lee, Nicolas Papadopoulo, Maamoun Rajeh, and Michael Thompson) immediately prior to the Effective Time became the directors of the Company as of immediately following the Merger. Messrs. Papadopoulo and Rajeh were directors of the Company immediately prior to the Effective Time. Messrs. Collins and Dutton were appointed as directors by certain investment funds managed by Kelso & Company; Messrs. Lee and Thompson were appointed as directors by certain investment funds managed by Warburg Pincus LLC; and Messrs. Halgan, Papadopoulo and Rajeh were appointed as directors by Arch Reinsurance Ltd.
Pursuant to the Merger Agreement, upon the closing of the Merger, the officers of Merger Sub (Jonathan Levy, Chief Executive Officer, and Elizabeth Cunningham, Chief Risk Officer) immediately prior to the Effective Time became the officers of the Company as of immediately following the Merger. In addition, the board of directors of the Company subsequently reappointed Robert Hawley as Chief Financial Officer effective as of July 1, 2021. Laurence Richardson no longer has the title Chief Operating Officer. Information about Mr. Levy, Mr. Hawley and Ms. Cunningham is contained in the Company's Annual Report on Form 10K/A filed with the SEC on April 29, 2021, which information is incorporated herein by reference.
Item 5.03                      Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated herein by reference.
2
On July 1, 2021, following consummation of the Merger, the bye-laws of the Company were amended and restated in their entirety. A copy of the amended and restated bye-laws of the Company is filed herewith as Exhibit 3.3 and is incorporated herein by reference.
Item 9.01        Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit
Number
Exhibit Description
3.3
Amended and Restated Bye-laws of Watford Holdings Ltd.
104
Cover Page Interactive Data File (formatted as Inline XBRL document).
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated:  July 8, 2021
WATFORD HOLDINGS LTD.
By:
/s/ Jonathan D. Levy
Name: Jonathan D. Levy
Title:    Chief Executive Officer
4