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FLAGSTONE RE PROVIDES INITIAL ESTIMATE FOR CHILEAN EARTHQUAKE AND EUROPEAN WINDSTORM CLAIMS
HAMILTON, Bermuda – 12 March, 2010 - Flagstone Reinsurance Holdings Limited (NYSE:FSR) announced that its preliminary estimate of claims relating to its exposure to the earthquake in Chile is $50 million net of reinstatement premiums and retrocession. Furthermore, Flagstone expects claims relating to Windstorm Xynthia, which struck Europe on February 27, to be between $3 -$6 million net of reinstatement premiums and retrocession. Flagstone’s loss estimates are based on its proprietary modeling analysis, the assessment of individual treaties, third-party vendor models, and client data. These preliminary loss estimates will be refined as additional information is received from cedants. Because these are early estimates there exists the possibility of significant revisions as further data becomes available, and the company notes that the Chile losses in particular will only be known once a large number of buildings are inspected which will take some months.
About Flagstone Reinsurance Holdings Limited
Flagstone, 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.
Contact:
Flagstone Reinsurance Holdings Limited, Hamilton
Brenton Slade, +1-441-278-4303