Exclusive: CargoCorp inks Active Re capacity deal for H&M and marine liabilities

By Chris Munro

Feb 13 - (The Insurer) - Miami-based MGA CargoCorp has secured capacity from Active Re to support its hull and machinery (H&M) and marine liabilities offering.

The Active Re participation adds to CargoCorp’s existing H&M and marine liabilities capacity deal with Mexican reinsurer Reaseguradora Patria.

CargoCorp’s H&M and marine liabilities offerings form part of the MGA’s core book of marine insurance business, which also includes cargo.

Alongside that suite of marine insurance products, the MGA underwrites a portfolio of (re)insurance in sabotage and terrorism, motor, property, financial lines and film package for an array of capacity providers.

CargoCorp, which is led by CEO Juan Carlos Martinez, began in the late 1990s as a risk management consultancy that provided loss control services to US firms that consolidated their cargo shipments in Miami before then being distributed throughout Latin America.

Over time, the business developed into an MGA, and wrote its first program in 2015. CargoCorp was then appointed a Lloyd’s coverholder in 2016.

Active Re is a Barbados-based reinsurer that underwrites a variety of coverages including affinity, group life, property, engineering, energy, power, credit and surety, financial lines, marine hull, cargo, liability, yacht, and broader treaty.

The company, which AM Best has assigned a financial strength rating of A, is led by CEO Ramón Martínez Carrera.

As per its latest financials, Active Re in 2024 generated $223.8mn of net written premium, an increase of 16 percent year on year. At 46 percent, the bulk of its gross written premium in 2024 came via MGAs, with a further 30 percent derived from treaty business, and the final 24 percent sourced through facultative deals.