Conyers advised on the establishment and capitalization of Harrington Re Ltd. (“Harrington Re”) and its parent company, Harrington Reinsurance Holdings Limited (“Harrington Holdings”), and the registration of Harrington Re as a Class 4 insurer. Harrington Re is a multi-line Bermuda reinsurer, launched with an initial capitalization of approximately US$600 million. Harrington Re was capitalised primarily by way of a private placement of shares of Harrington Holdings, which raised approximately US$550 million.
Harrington Re’s strategy is to build a diversified multi-line reinsurance portfolio with a preference for medium to long tailed business and strict limitations on property catastrophe risk, which will be balanced by a broadly diversified allocation to alternative investment strategies.
A subsidiary of AXIS Capital Holdings Limited has been appointed Harrington Re’s exclusive liability manager, responsible for negotiating and sourcing reinsurance business for recommendation to the management of Harrington Re.
Harrington Re received a financial strength rating of A- (Excellent) from A.M. Best.
Mary Ward, Chiara Nannini and William Cooper of Conyers’ Bermuda office advised on the matter.