Argo Group International Holdings Ltd., the Bermuda-based specialty insurer and reinsurer, announced the renewal of Harambee Re Ltd. as Argo Group’s sidecar reinsurer for 2019.
Launched in 2013, the sidecar continues Argo Group’s successful track record of building relationships with third-party capital providers to support the company’s insurance and reinsurance portfolios.
“We’re excited to have completed this, the sixth renewal for Harambee Re, which reflects the strong and enduring relationships we have built with our third-party capital partners,” said Argo Group CEO Mark E. Watson III. “Harambee Re continues to enable us to materially increase underwriting capacity and provide a more valuable product offering, which ultimately benefits our clients and intermediary partners.”
Harambee Re provides Argo with additional catastrophe capacity for specific property portfolios underwritten by 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
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