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Flagstone Reinsurance reports Q4 net loss

Flagstone reported a net loss of $75.6m for Q4 08 compared to a net income of $51.4m

Flagstone Reinsurance Holdings has reported a net loss available to common shareholders for the fourth quarter ended December 31, 2008 of $75.6 million, or $0.89 per diluted share, compared to a net income of $51.4 million, or $0.60 per diluted share, for the fourth quarter ended December 31, 2007.

Total revenues for the fourth quarter of 2008 were $96.8 million, as compared to the $147.26 million earned during the corresponding quarter of 2007.

Net loss available to common shareholders for the year ended December 31, 2008 was $187.3 million, or $2.20 per diluted share, compared to a net income of $167.9 million, or $2.05 per diluted share, for the year ended December 31, 2007. For the year 2008, total revenues decreased to $453.19 million from $564.11 million for the year 2007.

Total assets as of December 31, 2008 were $2.21 billion versus $2.1 billion as of December 31, 2007.

David Brown, CEO of Flagstone, said: Although we are not typically major users of retrocessional cover, in anticipation of the capacity crunch we were proactive in arranging such covers early in the fourth quarter. We now have significant retrocessional protection covering losses on both an event and aggregate basis. This protection on top of our existing capital and our conservative investment portfolio positions us well to participate fully in the attractive markets we believe 2009 will present.