Harrington Reinsurance Holdings, along with its subsidiary Harrington Re, has raised approximately $550 million of equity and $50 million of debt, including a $100 million equity investment by a subsidiary of AXIS Capital and an approximately $50 million equity investment by affiliates of The Blackstone Group.
Following this news, AM Best has awarded Harrington Re with a financial strength rating of A- (Excellent).
A subsidiary of AXIS Capital has been appointed as Harrington Re’s exclusive liability manager, responsible for negotiating and sourcing reinsurance business for recommendation to the management of Harrington Re.
Harrington Re has also appointed Blackstone as its exclusive investment manager, responsible for managing a multi-asset portfolio of Blackstone alternative investment strategies on behalf of the company.
In addition, Bill Fischer, has been appointed chief executive officer (CEO) of Harrington Re.
Fischer has over 30 years of experience in the industry, having most recently served as chief underwriting officer at AXIS Reinsurance. He will also serve as a member of Harrington Re’s board of directors.
Fischer said: “With the market-leading specialty underwriting of AXIS and the proven alternatives expertise of Blackstone, Harrington Re is well-positioned to combine attractive global underwriting opportunities with a diversified portfolio of alternative investments to create value for all stakeholders.”
Jay Nichols, CEO of AXIS Reinsurance, added: “Harrington Re is an integral part of our larger alternative capital strategy, which is designed to match the right risk with the right capital.”
Harrington, Harrington Re, AM Best, AXIS Capital, The Blackstone Group, Appointment, Bill Fischer, Insurance, Reinsurance, Bermuda, London, UK