Flagstone Re made a twenty-fold reduction in the gross written premium that it wrote in the third quarter, slashing its top line to just $4mn.
By comparison Flagstone wrote $92.2mn of gross premiums in Q3 2011 and $186mn for the same period of 2010, before it began retrenching in the wake of devastating 2011 cat losses.
This means the Luxembourg-domiciled reinsurer wrote only minimal business at the significant 1 July property cat renewals, as the group's auction process reached its...
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