Flagstone run-off bidders face $50mn severance obstacle
Run-off companies looking to acquire Flagstone Re may have to contend with hefty severance costs for senior executives and staff that are as high as $50mn.
Enstar is a potential bidder for Flagstone and this publication can now reveal that its longstanding rival and fellow Bermudian legacy acquirer Catalina is also in talks with the loss-struck reinsurer, according to sources.
However, these businesses may struggle to offer the same sort of multiple that a trade buyer like US P&C group...
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