Argo Group renews deal with Harambee Re

Re/insurer keeps sidecar partner for 2018 renewal, its sixth consecutive year

Argo Group renews deal with Harambee Re

Insurance News

By Gabriel Olano

Specialty re/insurance provider Argo Group has renewed its deal with Harambee Re, keeping it as its sidecar reinsurer for 2018.

The partnership was first forged in 2013, with Harambee Re initially underwriting both insurance and reinsurance. Since 2015, it has mostly provided backup reinsurance capacity for Argo.

“Harambee Re enables us to materially increase underwriting capacity for key business units and provide a more valuable product offering to the market,” said Mark Watson III, CEO of Argo Group.

“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.”

Under the 2018 renewal, Harambee Re will provide Argo with additional catastrophe capacity for several property portfolios underwritten by Ariel Re, which was acquired by Argo in early 2017, and now functions as its dedicated reinsurance platform.

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