Flagstone Reinsurance Holdings has reported a net income $15.0m, or $0.20 per diluted share attributable to common shareholders for the fourth quarter of 2010, compared to $71.5m, or $0.86 per diluted share, for the same quarter of the 2009.
Net premiums earned for the fourth quarter of 2010 were $204.5m, compared to $203.1m for the same corresponding quarter of the last year.
Total revenues for the fourth quarter of 2010 were $228.7m, compared to $235.1m for the same period last year.
Net income attributable to common shareholders for the year 2010, was $97.1m, or $1.23 per diluted share, compared $242.2m, or $2.87 per diluted share, for the year 2009.
Flagstone Reinsurance CEO David Brown said that 2010 was a positive year for Flagstone. Despite an unprecedented number of large international events, the company was able to grow book value by 12.1% for the full year, and by 3.0% in the fourth quarter.