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Cats take Flagstone’s combined ratio over 100%

Flagstone Re suffered a year of heavy underwriting losses in 2010, driven by a high catastrophe toll.

The firm's annual operating income dropped by 77.6 percent year-on-year to $43.6mn.

Its combined ratio sharply deteriorated from 74.7 percent in 2009 to 101.6 percent for the full year, on a fourth quarter ratio of 105.7 percent.

The Luxembourg-headquartered class of 2005 firm continued its growth, lifting gross written premium by 11.1 percent over 2010 to $1.1bn.

Net premiums earned also rose to $852mn for the period.

Flagstone Re CEO David Brown said the growth had been achieved by "sourcing as much business as possible and then selecting only the risks that meet our stringent pricing targets".

Brown said the firm suffered during the "historical anomaly" of 2010 due to its diversified portfolio.

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