Argo Group International Holdings, Ltd. has established Harambee Re 2013-1 Ltd for the 2013 accident year. This is the first sidecar established by Argo Group.
Unlike other sidecars, which typically write either reinsurance or retrocession business, Harambee Re will support both a reinsurance and an insurance portfolio. Harambee Re provides capacity of approximately five percent of premium income for specific property portfolios that represent two of Argo Group’s core businesses: Argo Re, the Group’s reinsurance operation and Colony Specialty, Argo Group’s excess and surplus lines segment.
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