Flagstone to restructure global operations
In an announcement today, Flagstone Reinsurance Holdings Limited revealed plans to restructure its global reinsurance operations.
The company’s two wholly owned subsidiaries will be merged into a single company.
Flagstone Reinsurance Limited of Bermuda and Flagstone Reassurance Suisse SA are to become Flagstone Reassurance Suisse SA.
The newly formed firm’s underwriting capital is estimated at $1.6 billion pro forma as of 30th September this year.
No changes in management or corporate control will occur due to the merger, board of directors will remain as it currently stands.
Flagstone’s clients will still be able to choose between Swiss and Bermuda-based underwriting access.
Flagstone Chairman, Mark Byrne, said the decision to merge the companies was made to ‘maximise capital efficiency’.
He added that there will be no job cuts resulting from the merger, but rather expects to employ people over the coming years.
CEO, David Brown, said that the merger will give the company a ‘more transparent’ balance sheet than was previously possible.
Category: Companies News, Insurance News
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