Argo Group, the international underwriter, has signed a sponsorship deal with Artemis Racing, the Swedish challenger for the 35th America’s Cup.

Both parties have entered into an agreement that will see Argo Group’s logo adorn Artemis’ America’s Cup boats and team clothing from next month’s Louis Vuitton America’s Cup World Series in New York onwards.

Argo Group is also the official insurance partner of Artemis Racing.

The sponsorship agreement was announced at a cocktail reception at Artemis’ base at Morgan’s Point last Friday attended by Patricia Gordon-Pamplin, the sports minister, and a host of other dignitaries.

Mark Watson, the Argo Group chief executive, said his company’s shared values of innovation, teamwork, courage and commitment make Artemis Racing and Argo Group “an ideal match”.

“We are excited to work with Artemis Racing and particularly pleased to be involved in a series that will see the best sailors in the world compete right here in Bermuda during the America’s Cup,” Watson said.

“I’m proud to partner with a team resolved to excel in these prestigious events while deeply respecting the environment. This respect is on full display at their impressive base at Morgan’s Point, a high-tech centre thoughtfully designed to minimise strain on the island’s natural resources.”

Iain Percy, the Artemis team manager and skipper, welcomed Argo Group on board.

“It’s fantastic to have Mark and his team join our challenge to win the oldest trophy in international sport,” Percy said. “Argo Group has a proud maritime heritage, and the company’s values and ambition very much match our own.

“Announcing this sponsorship after opening our new base, and beginning two-boat testing here in Bermuda, gives us great momentum at the start of this incredibly important year.”

Artemis Racing was founded in 2006 by Torbjörn Törnqvist and represents the Royal Swedish Yacht Club, the fifth oldest yacht club in the world.

The team boasts a multinational crew comprising some of the most successful and respected sailors and designers in the world and has won numerous competitions worldwide, including the MedCup and TP52 World Championships, RC44 World Championship and last October’s Louis Vuitton America’s Cup World Series Bermuda in the Great Sound.