Flagstone Reinsurance Holdings Limited (NYSE:FSR) issued the following
comment on the announcement of a definitive agreement for amalgamation
between IPC Holdings Ltd and Validus.
Flagstone Chairman Mark Byrne commented, “We are surprised and
disappointed that the IPC Board chose the Validus offer over our
proposal, which we felt offered superior economics in the short term,
and better prospects in the long term. As we close the file on this
matter, we wish the Board, shareholders, and employees of IPC well.”
About Flagstone Reinsurance Holdings Limited
Flagstone Reinsurance Holdings Limited, through its operating
subsidiaries, is a global multi-line 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.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995
This press release may contain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical facts, included or referenced in this release
which address activities, events or developments which we expect or
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"anticipate," "project," "estimate," "predict" and similar expressions
are also intended to identify forward-looking statements. These
forward-looking statements include, among others, statements with
respect to Flagstone's: growth in book value per share or return on
equity; business strategy; financial and operating targets or plans;
incurred losses and the adequacy of its loss and loss adjustment expense
reserves and related reinsurance; projections of revenues, income (or
loss), earnings (or loss) per share, dividends, market share or other
financial forecasts; expansion and growth of our business and
operations; and future capital expenditures.
Flagstone Reinsurance Holdings Limited, Hamilton
Brenton Slade,
+1-441-278-4303
