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Flagstone Enters Definitive Agreement with ANV for the Sale of Flagstone's Lloyd's Operations for $48M

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Flagstone Reinsurance Holdings, S.A. (NYSE: FSR) today announced that it has entered into a definitive agreement with a wholly-owned subsidiary of ANV Holdings BV, under which ANV, with capital support from Ontario Teachers' Pension Plan Board, will acquire the Company's Lloyd's operations for approximately $48 million in cash. As a result of the transaction, Flagstone will also release approximately $162 million of underwriting capital currently supporting its Lloyd's operation.

David Brown, Flagstone's Chief Executive Officer, said, “We are pleased to have reached this agreement with ANV, which represents a significant next step in Flagstone's strategic business realignment and positions us closer to our desired corporate structure. The divestiture will enhance our focus on our core businesses and, along with other strategic actions already underway, will create additional capital to pursue our business. All told, we are well on our way to establishing a more nimble, cost-effective and opportunistic structure, enabling us to adapt more quickly as market changes dictate. Moving forward, we will maintain our strong technical, analytical approach and will continue to provide exemplary service for our clients and seek to create value for our shareholders.”

 

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