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

FEBRUARY 11, 2026 10:32 AM (EST)

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

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FOR IMMEDIATE RELEASE

OLDWICK - FEBRUARY 11, 2026 10:32 AM (EST)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) of Harrington Re Ltd. (Harrington). AM Best also has affirmed the Long-Term ICR of "bbb-" (Good) 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 AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Harrington, which commenced operations in 2016, is sponsored by AXIS Capital Holdings Limited (AXIS) and The Blackstone Group Inc. Harrington's risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), was consistent with a strongest level assessment. The company redeemed its outstanding senior notes in 2024, positively impacting financial leverage. Harrington maintains low underwriting leverage compared with peers and an increasingly lower risk investment portfolio. Prospectively, AM Best expects Harrington's BCAR scores to remain supportive of an overall balance sheet strength assessment of very strong. Offsetting the positive rating factors for balance sheet strength is adverse reserve development on longer-tailed casualty lines, consistent with the broader industry. While operations have been accretive to capital, underwriting performance has largely been unfavorable, driven by reserve development.

Though Harrington's underwriting performance historically has been near break-even or has experienced modest losses, the company employs an alternative asset strategy that continues to contribute favorably to net income, which has been positive in most years. Currently, Harrington does not directly face the market and business is sourced through cessions from AXIS. Harrington has a developed risk management framework and benefits from expertise and systems from both its sponsors.

Negative rating action could occur if Harrington experiences continued significant adverse reserve development, driving material operating losses. Negative rating action also could occur if Harrington's investment performance experiences significant downside volatility or if its risk-adjusted capitalization declines materially. Though unlikely in the near term, positive rating action could occur from a long-term trend of favorable reserve development.

This press release relates to Credit Ratings that have been published on AM 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 AM Best's Recent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.