Argo Group International Holdings Ltd., the international underwriter of specialty insurance and reinsurance products, announced the renewal of Harambee Re Ltd. as Argo Group’s sidecar reinsurer for 2018.
Launched in 2013, the sidecar continues with the company’s “successful track record of building relationships with third-party capital providers to support the company’s growing insurance and reinsurance portfolios,” said the Bermuda-based company in a statement.
“Harambee Re enables us to materially increase underwriting capacity for key business units and provide a more valuable product offering to the market,” said Argo Group CEO Mark E. Watson III. “This renewal ultimately positions us to more aggressively pursue our mission to help businesses stay in business by providing innovative re/insurance solutions that meet and exceed expectations.”
Harambee Re provides Argo with additional catastrophe capacity for specific property portfolios underwritten by Argo’s reinsurance unit Ariel Re, which has operated as Argo’s reinsurance platform since its acquisition in the first quarter of 2017.
GC Securities acted as sole structuring and placement agent on the transaction. Willkie Farr & Gallagher (UK) LLP acted as legal counsel to Argo Group.
Source: Argo Group International Holdings Ltd.
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