Flagstone Reinsurance to Operate From DIFCPress Release10 Oct 2007 09:16 am
Flagstone Reinsurance Holdings Limited (NYSE: FSR), a global reinsurance company, today announced that it has been granted authorized status for its subsidiary, Flagstone Underwriters Middle East LTD, by the Dubai Financial Services Authority (DFSA) and will operate in the Dubai International Financial Centre (DIFC).
Launched in 2005, Flagstone combines underwriting with technical expertise, specializing in property, property catastrophe, specialty and select short-tail reinsurance risks with high quality data. With over $1 billion in statutory capital, Flagstone is headquartered in Bermuda and has subsidiaries in Switzerland, Canada, India and the UK. Flagstone has "A-" financial strength ratings from both A.M. Best and Fitch Ratings and "A3" ratings from Moody's Investors Service.
Flagstone Underwriters Middle East Limited will be headed by CEO, Irshied Tayeb, who joined Flagstone in July. The new office will focus on regional property, property catastrophe and specialty line business
Mark Byrne, Chairman of Flagstone, commented: “We are pleased to have completed the formalities to obtain a license for our new subsidiary. Irshied Tayeb will be seeking property and specialty lines business in the region which meets our parameters for data quality. The capacity offered is that of our Swiss subsidiary, Flagstone Reassurance Suisse SA, which benefits from a full parent company guarantee, and 3 credit ratings from major international agencies. We are grateful to the DFSA and DIFC for their efficient processing of our application, and we look forward to working with them for the future success of Flagstone and our MENA clients.”
Nasser Al Shaali, CEO of DIFC Authority said: “Flagstone is recognised for its cutting-edge technical excellence and industry expertise and brings specialized expertise to the reinsurance sector at the DIFC. Flagstone is a welcome addition to the reinsurance industry already established here and reflects the growth and development of this field in the Middle East.”