Flagstone Reinsurance Holdings Limited announced that it has taken a majority position in Island Heritage Holdings Ltd., a Cayman Islands domiciled company that specializes in insurance and insurance services in the Caribbean.
“Flagstone will assume control of the Island Heritage companies,” the bulletin explained. “Butterfield Bank and Ace Insurance will remain major shareholders of Island Heritage, with further participation by the local management of the companies. This change in control will not alter any of the existing products and services, but over time will enhance service and broaden product distribution.”
Flagstone’s Chairman, Mark Byrne, will become the new Chairman of Island Heritage Holdings. He indicated that Flagstone was “excited to start this new chapter in the Island Heritage story.” He also noted that Flagstone hopes to “further optimize the returns of this business,” and pointed out that “all key members of Island Heritage management, and all strategic shareholders, have chosen to stay involved.”
Source: Flagstone Re – http://www.flagstonere.bm.