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FLAGSTONE RE REPORTS DILUTED BOOK VALUE PER SHARE OF $13.97 FOR END OF FOURTH QUARTER 2009
HAMILTON, Bermuda – 17 February, 2010 - Flagstone Reinsurance Holdings Limited (NYSE:FSR) announced fourth quarter 2009 basic book value per share of $14.56 and diluted book value per share of $13.97, up 6.4% and 6.0%, respectively, for the quarter (percentages inclusive of dividends). Net income attributable to Flagstone’s common shareholders for the quarter ended December 31, 2009, was $71.5 million, or $0.86 per diluted share, compared to a net loss of $75.6 million, or a loss of $0.89 per diluted share, for the quarter ended December 31, 2008. Net income available to common shareholders for the year ended December 31, 2009 was $242.2 million, or $2.87 per diluted share, compared to a net loss of $187.3 million, or a loss of $2.20 per diluted share, for the year ended December 31, 2008.
The Company will host a conference call on Wednesday, 17 February, 2010, at 9:30 a.m. (EDT) to discuss this release. Live broadcast of the conference call will be available through the Investor Section of the Company’s website at www.flagstonere.com.
The Company, through its operating subsidiaries, is a global reinsurance and insurance company that employs a focused and technical approach to the Property Catastrophe, Property, and Specialty reinsurance and insurance businesses. Flagstone Réassurance Suisse has received “A-” financial strength ratings from both A.M. Best and Fitch Ratings, and “A3” ratings from Moody's Investors Service. Island Heritage and Flagstone Reinsurance Africa have received “A-” financial strength ratings from A.M. Best.
The Company is traded on the New York Stock Exchange under the symbol “FSR” and the Bermuda Stock Exchange under the symbol “FSR BH”. Additional financial information and other items of interest are available at the Company’s website located at www.flagstonere.com.
Please refer to the unaudited December 31, 2009, Financial Supplement, which will be posted on the Company’s website for more detailed financial information.
Contact:
Flagstone Reinsurance Holdings Limited, Hamilton
Brenton Slade, +1-441-278-4303