Team Aguri, the FIA Formula E World Championship racing syndicate, has struck a partnership with a company whose brand is synonymous with yacht racing in Bermuda.

The team has joined forces with ArgoGlobal, a subsidiary of underwriters and reinsurers Argo Group, whose headquarters are located in Hamilton.

Argo Group has been the title sponsor of the prestigious Argo Group Gold Cup for the past eight years and has partnered with Swedish America’s Cup challenger Artemis Racing.

Since March, ArgoGlobal’s logo has featured prominently on top of the engine cover and cockpit of the Team Aguri car as well on the driver’s fire suit, helmet, team garage and team gear.

“ArgoGlobal and Formula E are an ideal match,” Mark Watson III, the Argo Group president and chief executive officer, said.

“Our values of innovation, courage, team culture and commitment match those of this great new sporting event.”

Founded in 2014 by former Formula One and 24 Hours of Le Mans driver Aguri Suzuki and Mark Preston to compete in the Formula E Championship, Team Aguri was specifically created to develop, race and hone the innovative technologies that will drive greater efficiencies in the electric road cars of tomorrow.

The team is comprised of leading automotive specialists, engineers, software developers and two world-class racing drivers, who are collaborating to produce the fastest electric racing machines on earth.

This approach led to victory in only the fourth race of the inaugural Formula E Championship, and continues to deliver race winning potential through a relentless pursuit of refinement.

“Team Aguri believes that the developments and expertise gained from competitive electric racing can be used to further develop ecological and sustainable energy developments in everyday life,” Watson said. “We have a similar company ethos and our business objectives are very much aligned.”

Team Aguri is a founding member of the Formula E World Championship, the world’s first all-electric motor racing series.

The concept was initiated by FIA president Jean Todt as a means to demonstrate the potential of sustainable mobility.

When 20 all-electric racing cars lined up on the grid for the inaugural Beijing ePrix in September 2014, the cynics and the sceptics were confounded.

With names like Senna, Prost and Piquet behind the wheel and teams such as Andretti, Audi Sport ABT, Renault and Virgin Racing and team owners like Leonardo DiCaprio, the championship attained a level of credibility to rival the best championships in the world, with over 190 million people around the world tuning in to watch the inaugural season.

Watson, who is a past national Etchells champion, is a big fan of car racing.

“I attended my first Grand Prix 25 years ago,” he said. “Being a Texan, I’ve enjoyed attending the Formula 1 Grand Prix at the Circuit of the Americas in Austin over the years. Argo Group has partnered with that event for client hospitality for some time.”

Team Aguri are eighth in the nine-team 2015-16 Formula E World Championship standings with two top four finishes to date.