A.M. Best has assigned a financial strength rating of “A- (Excellent)” and an issuer credit rating of “a-” to Harrington Re.
In addition, A.M. Best has assigned an issuer credit ratings of “bbb-“ to Harrington Reinsurance Holdings. Both companies are domiciled in Bermuda.
Harrington is sponsored by AXIS Capital Holdings and Blackstone Group. According to A.M. Best, Harrington will seek to leverage the strengths of AXIS’s underwriting platform and will be invested across a strategy managed by Blackstone.
The ratings are a reflection of Harrington’s strong risk-adjusted capitalisation, A.M. Best said. It also suggested that negative rating actions could occur if Harrington is unsuccessful in executing its business plans over the long term.
