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Flagstone Re Acquires Remaining Stake In Flagstone Reinsurance Africa

Flagstone had acquired a 65% majority shareholding of FRA in June 2008

Flagstone Reinsurance Holdings has reached an agreement to become the sole shareholder of Flagstone Reinsurance Africa (FRA), previously called Imperial Re, by acquiring the remaining 35% share currently held by Imperial Holdings.

Based on the successful integration of all aspects of FRA into the Flagstone Group and the substantial progress made in terms of business development, Flagstone and Imperial have decided to accelerate the transition to full Flagstone ownership.

Mark Byrne, chairman of Flagstone and Flagstone Re Africa, said: “We are excited to have completed the integration work early, and with the substantial progress made in our African strategy. We would like to thank Imperial Holdings for their fine partnership, and look forward to a continuing business relationship with Imperial.”

The transaction is subject to necessary regulatory approvals.

Flagstone 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.