Company Overview of Flagstone Reinsurance Holdings SA
Flagstone Reinsurance Holdings, S.A., through its subsidiaries, operates as a reinsurance company worldwide. It primarily writes property, property catastrophe, and short-tail specialty and casualty reinsurance. The company offers property catastrophe reinsurance coverage to various insurance companies for claims arising from natural catastrophes, such as hurricanes and earthquakes; coverage for claims arising from other natural or man-made catastrophes comprising winter storms, freezes, floods, fires, and tornados; and short-tail specialty and casualty reinsurance for risks, such as aviation, energy, accident and health, satellite, marine, and workers’ compensation. It also provides propert...
65, Avenue de la Gare
Grand Duchy of Luxembourg
Founded in 2005
Key Executives for Flagstone Reinsurance Holdings SA
Group Chief Operating Officer
Chief Executive Officer of Flagstone Underwriters Middle East Limited
Managing Director of UK Operations
Chief Underwriting officer of North America
General Counsel and Corporate Secretary
Compensation as of Fiscal Year 2014.
Flagstone Reinsurance Holdings SA Key Developments
Flagstone Reinsurance Holdings SA Announces Management Changes
Nov 30 12
On November 30, 2012, Validus Holdings Ltd. completed its acquisition of Flagstone Reinsurance Holdings, S.A., pursuant to that certain Agreement and Plan of Merger, dated as of August 30, 2012. As a result of the Merger, the members of the Flagstone board of directors immediately prior to the completion of the Merger, Gary Black, David A. Brown, Stephen Coley, Thomas Dickson, Stewart Gross, E. Daniel James, Dr. Anthony Knap, Anthony P. Latham, Jan Spiering, Wray T. Thorn and Peter F. Watson, no longer serve as directors. On November 30, 2012, upon completion of the Merger and in accordance with the terms of the Merger Agreement, the officers of Validus UPS immediately prior to the effective time of the Mergers became the officers of Validus UPS, as the successor-in-interest to Flagstone, and the following officers of Flagstone were terminated from their positions: David Brown, Chief Executive Officer; Guy Swayne, Executive Vice President of Flagstone Reassurance Suisse, SA; Gary Prestia, Chief Executive Officer of Flagstone Representatives (US) Inc.; and David Flitman, Executive Director of Global Property Underwriting. In addition, Patrick Boisvert, the Principal Financial Officer and Principal Accounting Officer of Flagstone immediately prior to the completion of the Merger, will no longer serve in those positions.
Flagstone Reinsurance Holdings SA Announces Quarterly Dividend, Payable on December 28, 2012
Nov 15 12
Flagstone Reinsurance Holdings SA announced that its Board of Directors declared a quarterly dividend of $0.04 per common share. The dividend is payable on December 28, 2012 to shareholders of record at the close of business on December 14, 2012. Flagstone shareholders will only be entitled to this quarterly dividend if the transaction with Validus Holdings Ltd. is completed after the close of business on December 14th, 2012, the record date for Flagstone's quarterly dividend.
Flagstone Reinsurance Holdings SA Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012
Oct 29 12
Flagstone Reinsurance Holdings SA announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the third quarter, the company reported total revenues $102,429,000 against $99,687,000 a year ago. Loss from continuing operations before income taxes and interest in earnings of equity investments was $6,523,000 against $52,752,000 a year ago. Loss from continuing operations was $7,092,000 or $0.10 diluted per share against $53,670,000 or $0.76 diluted per share a year ago. Net loss attributable to the company was $1,346,000 or $0.02 diluted per share against $59,545,000 or $0.85 diluted per share a year ago. Comprehensive loss attributable to the company was $3,823,000 against $68,160,000 a year ago.
For the nine months, the company reported total revenues of $356,824,000 against $459,706,000 a year ago. Income from continuing operations before income taxes and interest in earnings of equity investments $33,692,000 against loss from continuing operations before income taxes and interest in earnings of equity investments of $234,515,000 a year ago. Income from continuing operations was $33,098,000 or $0.45 diluted per share against loss from continuing operations of $234,816,000 or $3.38 diluted per share a year ago. Net income attributable to the company was $51,329,000 or $0.72 diluted per share against net loss attributable to the company of $240,975,000 or $3.44 diluted per share a year ago. Comprehensive income attributable the company was $48,648,000 against comprehensive loss attributable to the company of $245,998,000 a year ago. Diluted book value per common share was $11.45 compared to $10.90 as at December 31, 2011.
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