Specialty re/insurer Argo Group International has announced the renewal of its Harambee Re sidecar for 2019, the sixth time since its launch in 2013.
Much like in 2018, the collateralised vehicle will provide Argo with additional catastrophe capacity for specific property portfolios underwritten by Ariel Re, which has served as Argo’s reinsurance platform since its acquisition in 2017.
“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 Chief Executive Officer 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.”
GC Securities acted as sole structuring and placement agent on the transaction. Willkie Farr & Gallagher (UK) LLP acted as legal counsel to Argo Group.
