Bermuda-based Flagstone Reinsurance Holdings Limited reported net income available to common shareholders for the quarter ended September 30, 2007 of $66.2 million, or $0.77 per diluted share, compared to $56.9 million, or $0.79 per diluted share, for the quarter ended September 30, 2006.
Net income for the nine months ended September 30, 2007 was $116.6 million, or $1.44 per diluted share, compared to $88.8 million, or $1.27 per diluted share, for the corresponding period of 2006.
Basic book value per share at the end of third quarter was $13.59, up 7.1 percent for the quarter and diluted book value per share of $13.30, up 7.1 percent for the quarter both measures inclusive of dividends.
CEO David Brown commented: “The third quarter produced a very pleasing result. Our gross premiums written for the year to date are up 77.6 percent over last year, after eliminating the impact of Island Heritage, which we consolidated for the first time this quarter. This growth was achieved in a careful manner without sacrificing quality or terms and conditions. The quarter was not without losses, but they were moderate events for us and reserves established in prior quarters proved to be solid.”
Chairman, Mark Byrne added: “We regard the increase in diluted book value per share, measured over intervals of three years, as the best single measure of our performance for shareholders. Since the founding of the Company the annualized growth is 18.9 percent, which is better than our 17 percent target. Since our reinsurance book is exposed to catastrophes, our results will not be smooth from quarter to quarter, and we do not issue earnings guidance.”
Byrne, Brown, and CFO James O’ Shaughnessy will represent the company in an investment community conference call today, Thursday, November 8, 2007, at 9:30am Eastern Time to discuss the company’ s third-quarter 2007 financial results with interested parties.
The teleconference can be accessed by dialing +1 (800) 510-9836 (US callers) or +1 (617) 614-3670 (International callers) and entering the pass code 14873173, approximately 10-15 minutes in advance of the call.
The full report and additional details may be obtained on the Company’s web site at: www.flagstonere.bm, as well as a live, listen-only web cast of the conference call.
Source: Flagstone Re
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