Harambee Re sidecar renewed for sixth time

Specialty re/insurance underwriter Argo Group has renewed its Harambee Re sidecar reinsurer for 2019.

Harambee Re was set up in 2013, and provides Argo with additional catastrophe capacity for specific property portfolios underwritten by Ariel Re, which has operated as Argo’s reinsurance platform since its acquisition in the first quarter of 2017.

The sidecar builds relationships with third-party capital providers to support the company’s re/insurance portfolios.

“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 CEO Mark 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) acted as legal counsel to Argo Group.