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Harrington Re Completes $600 Million Capital Raise

08.22.16

Simpson Thacher represented Blackstone in connection with a $600 million capital raise by Harrington Reinsurance Holdings Limited. Harrington Re raised approximately $550 million of equity and $50 million of debt, including a $100 million equity investment by a subsidiary of AXIS Capital Holdings Limited and an approximately $50 million equity investment by affiliates of The Blackstone Group L.P. A subsidiary of AXIS Capital has been appointed Harrington Re’s exclusive liability manager, responsible for negotiating and sourcing reinsurance business for recommendation to the management of Harrington Re. Blackstone has been appointed Harrington Re’s exclusive investment manager, responsible for managing a multi-asset portfolio of Blackstone alternative investment strategies on behalf of the company.

Harrington Re’s strategy is to combine a multi-line reinsurance portfolio with a diversified allocation to alternative investment strategies to earn attractive risk-adjusted returns. The company plans to develop a portfolio that optimizes the risk-reward characteristics of both assets and liabilities, leveraging the respective strengths of AXIS Capital and Blackstone while deploying a disciplined and fully integrated approach to both underwriting and investing.

The Simpson Thacher team includes Brian Stadler and Erika Tang (M&A); Pete Gilman, Ken Shin, Audra Cohen, Ben Smith and Zixuan Jiang (Funds); Jen Levitt, Julia Kohen, John Kreager and Haiyun Zhao (Credit); and Jonathan Goldstein and Jackie Clinton (Tax).