Flagstone sell-off gains support
AM Best has kept its crucial rating on Flagstone Re unchanged after the company announced plans to sell-off its loss-making Lloyd's business and its Cayman Islands-based Caribbean home and motor insurer Island Heritage.
The move is a significant change of direction from Flagstone's previous strategy of diversification, AM Best said. However, the rating agency added that moving to a more streamlined structure should make the reinsurer more efficient and allow it to reduce its global risk profile and refocus on...
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