Flagstone Reinsurance Completes Sale Of Lloyd's Segment To ANV

8/20/2012 1:27 PM ET

Flagstone Reinsurance Holdings, S.A. (FSR: Quote) 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."

Click here to receive FREE breaking news email alerts for Flagstone Reinsurance Holdings Ltd. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 188 Articles

Editors Pick

Autodesk Results Miss Estimates; Cuts Outlook

Design software maker Autodesk, Inc. (ADSK) Thursday reported a 30 percent decline in earnings from last year, hurt by lower revenue and weaker margins. The company's quarterly earnings per share, excluding items, came in below analysts' expectations as did its quarterly revenue. At the same time,...

Dell Profit Drops 79% On Sluggish PC Demand

Struggling PC maker Dell Inc. said Thursday after the markets closed that its first quarter profit dropped 79% from last year, as revenue declined and margins deteriorated amid sluggish demand for personal computers. The company's quarterly earnings per share, excluding items, also came in way below analysts' expectations, but its quarterly revenue beat analysts' forecast.

Cisco Results Top Estimates

Cisco Systems, Inc., the world's largest computer networking gear maker, said Wednesday after the markets closed that its third quarter profit rose 14.5% from last year, helped by higher sales and a tax benefit. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly sales.