Harambee Re renewed by Argo

Argo Group has renewed Harambee Re as its’s sidecar reinsurer for 2018.

Harambee Re was launched in 2013, with the intention of building relationships with third-party capital providers to support Argo’s growing insurance and reinsurance portfolios.

The sidecar 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.

“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 chief executive officer Mark E. 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.”