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Fitch places Flagstone on rating watch negative

2 March 2012

Flagstone Reinsurance Holdings, which is still aiming for a sale of its Lloyd's business by the end of the month, has been placed on rating watch negative by Fitch Ratings.

Fitch said the move reflects "heightened concerns about Flagstone's current financial profile and recent operating performance". In particular it pointed to the reinsurer's high level of underwriting losses in 2011 that led to a steep decline in shareholders equity of 30 percent that was significantly greater than comparably rated peers...

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