Concert launches Harmony Re sidecar led by Swiss Re CorSo’s Scamborova

Fronting services specialist Concert Group has launched Harmony Re as its fully owned sidecar, with Katarina Scamborova appointed president of the new vehicle.

Concert said Scamborova had been instrumental in establishing the new sidecar alongside its CUO Joe Alberti.

Alberti said the platform will provide Concert with a “second line of defense on portfolio and risk management, as well as additional flexibility in meeting the market’s needs”.

“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,” he said.

Scamborova was most recently head of standard propositions North America at Swiss Re Corporate Solutions. She previously spent seven years at AIG as a senior executive in its general insurance business and two years as P&C industry leader at McKinsey & Company.

She will report to Concert’s CEO, John Hendrickson.

A board of directors has also been announced for Harmony which includes Frank Papalia, who will serve as chair, Charlie Kline and Dave Hupp.

Papalia was most recently chief legal officer and head of claims at ProSight Global, while Klins is a former Guy Carpenter managing director who was the founding CEO of Homesite Group. Hupp previously served at AIG for more than four decades in a series of senior roles.

The board will also include Concert’s chief legal officer Matthew Wagner and Laura Rodrigo, managing director of independent insurance company manager Strategic Risk Solutions.

As previously reported, Concert is broadening its appetite as it looks to grow its book of business, which is understood to amount to around $300mn in premium.

The platform was launched in 2021 initially with backing from individual founders including Strategic Risk Solutions CEO Brady Young as well as Century Equity Partners and WT Holdings.

It provides fronting services to captive and program clients via Illinois-domiciled admitted carrier Concert Insurance Company and Montana-based surplus lines platform Concert Specialty Insurance Company, both of which are rated A- by AM Best.

Its book of business has predominantly been focused on middle and long-tail lines of casualty business written on a surplus-lines basis.

It is in the process of building out a property platform led by former Brace USA CEO Charles Rawlins, who joined Concert in July.