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A.M. Best Affirms Credit Ratings of Harrington Re Ltd. and Harrington Reinsurance Holdings Limited

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A.M. Best has affirmed the Financial Strength Rating (FSR) of A-
(Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of
"a-" of Harrington Re Ltd. (Harrington). A.M. Best also has affirmed the
Long-Term ICR of "bbb-" of Harrington Reinsurance Holdings Limited. Both
companies are domiciled in Bermuda. The outlook of these Credit Ratings
(ratings) is stable.

The ratings reflect Harrington's balance sheet strength, which A.M. Best
categorizes as very strong, as well as its adequate operating
performance, neutral business profile and appropriate enterprise risk
management.

Harrington, which commenced operations in June 2016, is sponsored by
AXIS Capital Holdings Limited (AXIS) and The Blackstone Group L.P.
(Blackstone). AXIS' operating companies maintain an FSR of A+ (Superior)
and a Long-Term ICR of "aa-" from A.M. Best. Blackstone was founded in
1985 and is a leading investment manager across a wide array of
alternative asset strategies. Harrington seeks to leverage the strengths
of both organizations' expertise to generate strong overall returns.

Harrington continues to build out a diversified, multiline reinsurance
book of business with a focus on longer-tailed casualty lines and strict
limitations on property catastrophe risk. The investment portfolio is
structured to have ample liquidity and diversification by asset class,
while managing drawdown risk and seeking to provide strong absolute
returns.

Factors that could lead to positive rating actions for Harrington
include meeting or exceeding its business plan over the long term, which
includes consistently strong operating results while maintaining strong
risk-adjusted capitalization. Negative rating actions could occur if
Harrington does not successfully execute its business plan over the long
term, or experiences underwriting or investing losses outside of
expectations or a material decline in risk-adjusted capitalization.

This press release relates to Credit Ratings that have been published
on A.M. Best's website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best's
Recent
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Understanding
Best's Credit Ratings
. For information on the proper media
use of Best's Credit Ratings and A.M. Best press releases, please view
Guide
for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating
Action Press Releases
.

A.M. Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit
www.ambest.com
for more information
.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

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