Flagstone Reinsurance Holdings, S.A. (FSR) said Monday that it has sold its Lloyd's segment to a wholly-owned subsidiary of ANV Holdings BV for about $49.7 million in cash.
The company also said that it will be releasing a $159 million letter of credit previously posted to comply with its funding obligations at Lloyd's.
David Brown, the Chief Executive Officer of the company, said, "With the sale now complete, we can renew our focus on leveraging our existing strengths in order to deliver quality service for our clients and enhanced value for our shareholders."
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