Flagstone Reinsurance files IPO

HAMILTON, Bermuda--Flagstone Reinsurance Holdings Ltd., a reinsurance holding company, has filed an initial public offering of its common shares valued at up to $175 million, according to a Securities and Exchange Commission filing.

The Hamilton, Bermuda-based reinsurer said it will apply to list its common shares on the New York Stock Exchange under the symbol "FSR."

The company's core business is providing property catastrophe reinsurance coverage to selected insurance companies and other reinsurers, primarily on an excess-of-loss basis. The policies provide coverage for claims arising from major natural catastrophes, such as hurricanes and earthquakes, in excess of a specified loss.

The company's growing specialty lines segment covers risks such as aviation, energy, accident and health, satellite, marine and workers' compensation catastrophe.

The company began operations in December 2005 and was assigned a financial strength rating of A- from Oldwick, N.J.-based A.M. Best Co. Inc.

Through the first six months of this year ending June 30, the company had $214.1 million in gross premiums written, of which $160.5 million was property catastrophe reinsurance. The company's net income was $31.8 million on revenues of $64.6 million in the first half of 2006.