Flagstone Re (FSR) to Sell Lloyd's Ops in $48M Cash Deal

Flagstone Reinsurance Holdings, S.A. (NYSE: FSR) has entered into a definitive agreement with a wholly-owned subsidiary of ANV Holdings BV (“ANV”), under which ANV, with capital support from Ontario Teachers’ Pension Plan Board, will acquire the Company’s Lloyd’s operations for approximately $48 million in cash. As a result of the transaction, Flagstone will also release approximately $162 million of underwriting capital currently supporting its Lloyd’s operation.

The transaction is expected to be completed before the end of the second quarter of 2012, subject to the satisfaction of customary regulatory approvals and certain other customary closing conditions. The cash price payable on completion will be subject to a purchase price adjustment to reflect any changes in the net assets of the Lloyd’s operations in the first quarter of 2012.

Evercore Partners is acting as financial advisor, and Sidley Austin (London) is acting as legal advisor, to Flagstone in connection with the transaction.

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