Flagstone Re Estimates Loss from Australian Storms of $60M to $80M

Flagstone Reinsurance Holdings, S.A. (NYSE: FSR) today announced that its preliminary estimate from loss events that have occurred in Australia in the first quarter of 2011 is expected to be between $60 to $80 million, net of reinstatement premiums and retrocession.

These events include, large-scale flooding in Queensland and Victoria in January, 2011, and Tropical Cyclone Yasi, a powerful Category 4 storm, which caused serious damage in Northern Queensland on February 3, 2011.