Fronting insurer Concert Group has established Harmony Re, Inc, a risk retention platform, and appointed Katarina Scamborova its president.
South Carolina-domiciled Harmony Re will act as a sidecar for Concert, which has been particularly focused on captive fronting and programme business since its launch in 2021.
“As Concert’s wholly owned reinsurance sidecar, Harmony Re is the group’s balance sheet entity that assumes risk from Concert’s carriers and generates insurance profits with a keen focus on portfolio diversification, risk and capital management,” said Concert’s chief underwriting officer Joe Alberti.
“The platform provides the company with a second line of defence on portfolio and risk management, as well as additional flexibility in meeting the market’s needs.
“Harmony Re is another example of how, as a hybrid fronting carrier, Concert continues to develop differentiated innovative solutions for the top tier reinsurers with whom we partner.”
Scamborova will report into Concert CEO John Hendrickson. She was previously a managing director at Swiss Re Corporate Solutions and has also worked at AIG in its general insurance business and at McKinsey & Company as P&C insurance industry leader.
“We’re delighted to welcome Katarina to our executive team at Concert,” said Hendrickson. “Working in collaboration with chief underwriting officer Joe Alberti, she has been invaluable in creating the foundation for Harmony Re.
“We know that under her expert guidance, and with her deep underwriting and operational expertise, our new risk retention vehicle will flourish.”