Specialty re/insurer Argo Group International has announced the renewal of its Harambee Re sidecar reinsurance vehicle for 2018.
Launched in 2013, Argo said the sidecar continues the firm’s “successful track record of building relationships with third-party capital providers to support the company’s growing insurance and reinsurance portfolios.”
Argo Group Chief Executive Officer (CEO), Mark Watson III, said; “Harambee Re enables us to materially increase underwriting capacity for key business units and provide a more valuable product offering to the market.
“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.”
The Harambee Re vehicle has previously underwritten both insurance and reinsurance capacity, however, since 2015 it’s been mostly used to provide capacity to back Argo’s reinsurance underwriting book.
In the 2018 renewal Argo backed up specific property portfolios, underwritten by its reinsurance division Ariel Re, with additional catastrophe capacity from alternative capital.
Ariel Re 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.
