Argo Establishes New Sidecar: Harambee Re
Bermuda-based Argo Group International Holdings, Ltd. announced the establishment of a new sidecar reinsurer for the 2014 accident year, Harambee Re Limited. This continues Argo Group’s use of sidecar partners following the creation of Harambee Re 2013-1 Ltd covering the 2013 accident year.
As was the case in 2013, the Harambee Re sidecar will support two of Argo Group’s core business units and include both a reinsurance and an insurance portfolio. Reinsurance through Harambee Re will cover specific property portfolios underwritten by Bermuda reinsurer Argo Re and Colony Specialty, Argo Group’s Excess and Surplus Lines segment.
Argo Group President and Chief Executive Officer Mark E. Watson III stated, “We are pleased to continue support of our business growth objectives through this vehicle, which is larger for 2014 than for 2013. Harambee Re enables us to increase our underwriting capacity for key business units without adding materially to the Argo Group’s overall exposure to volatility associated with catastrophe losses.”
Harambee Re underscores Argo Group’s strategy of efficiently capitalizing on market opportunities and building upon the company’s previous insurance-linked securities transactions.
