Harrington finalises $600m capital raise
Harrington Reinsurance Holdings, together with its subsidiary Harrington Re, has completed a capital raise of 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.
Additionally, AM Best has awarded Harrington Re with a financial strength rating of A- (Excellent).
Harrington Re has appointed a subsidiary of AXIS Capital as its 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 commented: “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.”
