Luxembourg-based Flagstone Reinsurance Holdings, S.A. announced that it has completed the planned sale of its Lloyd’s segment to a wholly-owned subsidiary of ANV Holdings BV for approximately $49.7 million in cash.
“As a result of the transaction, the Company is also releasing a $159 million letter of credit previously posted to comply with its funding obligations at Lloyd’s,” said the bulletin.
Flagstone’s CEO David Brown commented: “The sale of our Lloyd’s operation further enables us to streamline our core businesses, making our structure more nimble, cost-effective and opportunistic. With the sale now complete, we can renew our focus on leveraging our existing strengths in order to deliver quality service for our clients and enhanced value for our shareholders.”
Source: Flagstone Reinsurance Holdings, S.A.