Argo Group International Holdings, Ltd. announced the establishment of 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 is the first sidecar transaction to support both a reinsurance and an insurance portfolio.

Harambee Re provides capacity of approximately 5% 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. The establishment of Harambee Re continues Argo Group's utilization of a variety of mechanisms to efficiently capitalize on market opportunities and builds upon the company's previous insurance-linked securities transactions, Loma Reinsurance 2011-1 and Loma Reinsurance 2011-2.