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Flagstone takes controlling stake in Island Heritage


HAMILTON, Bermuda— Bermuda-based Flagstone Reinsurance Holdings Ltd. has obtained a controlling position in Cayman Islands-based Island Heritage Holdings Ltd., a company specializing in Caribbean insurance.

Bermuda-based Butterfield Bank Group and Ace Insurance, a unit of ACE Ltd., will continue to be major shareholders, while Flagstone will assume control of the Island Heritage companies.

Mark Byrne, chairman of Flagstone, will become chairman of Island Heritage Holdings.

In a statement, Flagstone said that the move will not alter existing services and products.