Flagstone Re (FSR) to Sell Island Heritage Stake, Will Receive $40.8M in Deal
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Flagstone Reinsurance Holdings, S.A. (NYSE: FSR) has entered into a definitive share purchase agreement with BF&M Limited (“BF&M”), and certain other parties, under which BF&M will acquire the parent of Island Heritage for approximately $68 million in cash. Flagstone currently owns an approximate 60% interest in Island Heritage and expects to receive about $40.8 million in cash from the sale.
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 price will be subject to customary purchase price adjustments.
Aon Benfield Securities, Inc. is acting as financial advisor, and Appleby is acting as legal advisor to Flagstone in connection with the Island Heritage transaction.
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 price will be subject to customary purchase price adjustments.
Aon Benfield Securities, Inc. is acting as financial advisor, and Appleby is acting as legal advisor to Flagstone in connection with the Island Heritage transaction.
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