Flagstone acquires stake in Alliance International

by Gill Montia

Story link: Flagstone acquires stake in Alliance International

Flagstone Reinsurance Holdings, a Bermuda-based company, has agreed the acquisition of up to 29.9% of Alliance International Reinsurance Public Company.

The latter is headquartered in the Republic of Cyprus and listed on the Cyprus Stock Exchange.

The firm is a specialty property/casualty reinsurer with clients in Europe, Asia, the Middle East and North Africa.

The purchase will be made from Alliance’s current shareholders and should be completed by a subsidiary of Flagstone Re in the second quarter of this year, subject to regulatory approvals.

The move will allow Flagstone the possibility of providing technical support to Alliance International, in the form of modelling and actuarial resources.

Flagstone may also promote the company’s growth by entering into a quota share agreement.

The arrangements will be sealed by Flagstone’s appointment of two directors to Alliance International’s board.

Launched in December 2005, Flagstone Re focuses on worldwide property, property catastrophe, specialty and short-tail casualty coverage.