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Flagstone Re Opens Puerto Rico Office

November 19, 2007

Hamilton, Bermuda — Reinsurance Holdings Ltd. announced Flagstone Underwriters Latin America Ltd. A.I. was successfully formed and licensed, and will conduct business from its offices in Puerto Rico.

Bermuda-based Flagstone Underwriters Latin America A.I. will expand Flagstone's global underwriting platform and further expand property, specialty and casualty reinsurance opportunities in the Caribbean and Latin America, including Mexico. Rafael Saer will be the CEO of the new operation, and brings 29 years of experience in the region, most recently with Folksamerica Re where he was senior VP and branch manager, Latin America and Spanish Caribbean.

"We have been in business in the Caribbean region for several years through our relationship with Island Heritage in the Cayman Islands," says Flagstone's Chairman Mark Byrne. "Our new operations in San Juan will allow us to build the team we need to underwrite and risk-manage the Spanish-speaking Caribbean and Latin America. We are delighted to welcome Rafael to our management team."

Source: Business Wire

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