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Flagstone Swiss unit purchases coverage from Montana Re

Flagstone Reassurance Suisse, a Switzerland subsidiary of Flagstone Reinsurance, has purchased three years of fully collateralized retrocessional coverage from Montana Re.

Montana Re, a special purpose reinsurer established in the Cayman Islands in 2009, was designed to permit the issuance of multiple series of bonds. This transaction marks the second takedown of notes from the structure.

Montana Re offers Flagstone protection on its reinsurance portfolio through three separate tranches, utilizing the Risk Management Solutions (RMS) Paradex index trigger for US hurricane and earthquake, Japan typhoon and earthquake, Europe windstorm, and for the first time, Cayman Islands hurricane.

Flagstone CEO David Brown said that the company has continued to demonstrate the ability to access the capital markets to diversify sources of coverage and benefited from the efficiencies of purchasing cover over multi-year periods. These transactions continue to reinforce the capital strength and attractiveness as a quality partner for clients.

Flagstone Reinsurance Holdings is a global reinsurance and insurance company that focuses specialty, property, property catastrophe and short-tail casualty reinsurance and insurance.