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Flagstone Announces No Exposure to Madoff Investment Funds and Reiterates High Quality Asset Portfolio

^{Published on 2008-12-15 16:26:10 - Market Wire}
 

HAMILTON, Bermuda--([ BUSINESS WIRE ])--Flagstone Reinsurance Holdings Limited (NYSE:FSR) announced today that it has no exposure to funds managed by Bernard L. Madoff Investment Securities LLC. Flagstone also reiterated that following the changes to its asset portfolio in October, the current portfolio is extremely low-risk and high quality with 94.5% of assets in fixed maturities and cash and no exposure to equities or hedge funds. Furthermore, the average credit quality of the portfolio is AAA with no exposure to sub-prime assets or CDO's, less than 10% in prime Residential Mortgage Backed Securities and 1.2% in Commercial Mortgage Backed Securities.

About Flagstone Reinsurance Holdings Limited

Flagstone Reinsurance Holdings Limited, through its operating subsidiaries, is a global reinsurance and insurance company that employs a focused, technical approach to the Property, Property Catastrophe, and Specialty reinsurance and insurance businesses. Flagstone Réassurance Suisse SA has an "A-" financial strength rating from both A.M. Best and Fitch Ratings, and an "A3" rating from Moody's Investors Service.