Argo renews Harambee Re deal

Specialty re/insurance underwriter Argo Group has renewed the coopertion with  Harambee Re as Argo’s sidecar reinsurer for 2018.

Launched in 2013, the sidecar builds relationships with third-party capital providers to support the company’s insurance and reinsurance portfolios growth.

“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 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.

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