Harrington AM Best has reaffirmed the ratings.
Steve Harrington Hairstyle: Best No1 Ratings.
The long-term issuer credit rating (Long-Term ICR) of “a-” (Excellent) and the financial strength rating of A- (Excellent) for Harrington Re Ltd. (Harrington) have been reiterated by AM Best.
Furthermore, Harrington Reinsurance Holdings Limited’s long-term ICR of “bbb-” (Good) was upheld. For these ratings, both Bermuda-based companies have been assigned a stable outlook.
Harrington’s strong balance sheet strength—which AM Best classifies as extremely strong—is the foundation for the ratings. The ratings are also influenced by Harrington’s neutral business profile, good enterprise risk management practices, and respectable operating performance.
Steve Harrington Stranger Things:
Significantly unfavorable reserve development impacting Harrington’s capitalization, noticeably unfavorable fluctuations in investment performance, or a
significant drop in its capitalization adjusted for risk. Positive rating action could arise from a sustained trend of favorable reserve development, though this is not expected to happen anytime soon.
Harrington was founded in 2016 and is supported by The Blackstone Group Inc. and AXIS Capital Holdings Limited (AXIS). The risk-adjusted capitalization of the company, as determined by the Best’s Capital Adequacy Ratio (BCAR), is in line with the most stringent evaluation.
AM Best believes that in the future, Harrington’s BCAR ratings will maintain their strong support for a highly positive evaluation of its overall strength of balance sheet.
Desmond Harrington:
Harrington has a history of increasing its net income through the use of alternative assets. Additionally, the business is building a multiline, diversified reinsurance portfolio, emphasizing medium- to longer-tailed casualty lines.
Given that Harrington does not deal with the market directly, the majority of its business comes from cessions from AXIS. The company leverages the systems and experience of its sponsors and benefits from a well-established risk management function.
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