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FLAGSTONE ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM TO ENHANCE SHAREHOLDER VALUE
HAMILTON, Bermuda – 19 May, 2010 - Flagstone Reinsurance Holdings Limited (NYSE:FSR) has announced that its Board of Directors has approved the potential further repurchase of company stock, underscoring its commitment to optimize shareholder value. Flagstone has successfully re-purchased over five million shares under the existing re-purchase program.
Based on the positive long-term outlook for the business and its healthy capital adequacy, Flagstone has authorized management to purchase up to an additional $50 million in shares. The repurchase program permits Flagstone to buy back shares from time to time in open market and private transactions in accordance with applicable federal securities laws. The timing, price, and amount of repurchase transactions will be determined by the company’s management, within limits imposed by the Board, based on their evaluation of market conditions, share price and other factors.
About Flagstone Reinsurance Holdings, S.A.
Flagstone Reinsurance Holdings, S.A., 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, S.A.
Brenton Slade, +1-441-278-4303