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Flagstone Re Comments on Agreement between Validus and IPC Re
HAMILTON, Bermuda - 09 July, 2009 - Flagstone Reinsurance Holdings Limited (NYSE: FSR) issued the following comment on the announcement of a definitive agreement for amalgamation between IPC Holdings Ltd and Validus.
Flagstone Chairman Mark Byrne commented, "We are surprised and disappointed that the IPC Board chose the Validus offer over our proposal, which we felt offered superior economics in the short term, and better prospects in the long term. As we close the file on this matter, we wish the Board, shareholders, and employees of IPC well."
About Flagstone Reinsurance Holdings Limited
Flagstone Reinsurance Holdings Limited, through its operating subsidiaries, is a global multi-line 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.
Source: Flagstone Reinsurance Holdings Limited
Flagstone Reinsurance Holdings Limited, Hamilton
Brenton Slade, +1-441-278-4303