Argo Group Renews Harambee Re Sidecar for 2018
Argo Group International Holdings, Ltd. (NASDAQ: AGII), an international underwriter of specialty insurance and reinsurance products, today announced the renewal of Harambee Re Limited as Argo Group’s sidecar reinsurer for 2018. Launched in 2013, the sidecar continues Argo Group’s successful track record of building relationships with third-party capital providers to support the company’s growing insurance and reinsurance portfolios.
“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 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.”
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.
GC Securities acted as sole structuring and placement agent on the transaction. Willkie Farr & Gallagher (UK) LLP acted as legal counsel to Argo Group.
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ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group’s insurance subsidiaries are A. M. Best-rated ‘A’ (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo Group’s U.S. insurance subsidiaries are Standard and Poor’s-rated ‘A-‘ (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.
ABOUT GC SECURITIES
GC Securities is a division of MMC Securities LLC., a US registered broker-dealer and member FINRA/NFA/SIPC. GC Securities is also a trading name of MMC Securities (Europe) Ltd. which is authorized and regulated in the UK by the Financial Conduct Authority. Securities or investments, as applicable, are offered in the United States through MMC Securities LLC and in the European Union through MMC Securities (Europe) Ltd., respectively. Both MMC Securities LLC and MMC Securities (Europe) Ltd. are affiliates owned by Marsh & McLennan Companies.
For media inquiries, please contact:
Ashley Heline
Argo Group Media Relations
Tel +1 (210) 366 5613
Peter Rigby, Brian Norris, Colette La Pointe
Haggie Partners
Tel +44 (0) 20 7562 4444