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FLAGSTONE REINSURANCE AFRICA RECEIVES A- FINANCIAL STRENGTH RATING FROM AM BEST
Hamilton, Bermuda - 24 October, 2008 - Flagstone Reinsurance Holdings
Limited (NYSE: FSR) announced today that AM Best Company has
assigned Flagstone Reinsurance Africa Limited an €˜A-' financial strength
rating (FSR), and an issuer credit rating (ICR) of "a-". The rating reflects the
strong capitalization of the Flagstone Group and a full parental guarantee
from Flagstone Reassurance Suisse SA, the majority owner of
Flagstone Reinsurance Africa, as well as the high level of operating
and underwriting integration between the companies.
Mark Byrne, Chairman of Flagstone Reinsurance Holdings and
Flagstone Reinsurance Africa, commented, "This is a welcome development for
the deployment of our business plan for Flagstone Re Africa. Over the
coming weeks we will be meeting with clients and brokers to explain the
new structure and plans of Flagstone Re Africa. We look forward to expanding
our client base and our products and service in the Republic of South Africa
and the region"
Steve Smith, Managing Director of Flagstone Re Africa, said "The assignment of an international A- rating from AM Best ensures that Flagstone Re Africa now offers an acceptable rating to our target market in Southern Africa thus allowing it full opportunity to participate in the market. We believe that additional good quality, locally registered security adds value and choice for cedents and reinsurance brokers ahead of the next major renewal period. We look forward to exploring areas of mutual interest and benefit."
About Flagstone Reinsurance Holdings Limited
Flagstone Reinsurance Holdings Limited, through its operating subsidiaries, is a global reinsurance and insurance company that employs a focused, technical approach to the Property, Property Catastrophe, and Specialty reinsurance and insurance businesses. Flagstone Réassurance Suisse SA has an "A-" financial strength rating from both A.M. Best and Fitch Ratings, and an "A3" rating from Moody's Investors Service.
Contact:
Flagstone Reinsurance Holdings Limited, Hamilton
Brenton Slade, +1-441-278-4303