Flagstone Reinsurance Holdings has reported total revenues of $250.6m for the first quarter of 2010, an increase of 37% compared to $181.7m for the same quarter in 2009.
Flagstone Reinsurance’s operating income for the quarter was $12.1m which is a decrease of 61.4% compared to $31.3m for the same period last year.
Gross premiums written for the quarter were $400.2m, an increase of 10.7% compared to $361.5m for the same quarter in 2009, while net premiums earned were $216.8m, an increase of 25.4% compared to $172.8m for the same quarter in 2009.
For the quarter ended March 31, 2010, the company posted a net income of $31.5m, or $0.38 per diluted share, compared to $35.7m, or $0.42 per diluted share, for the same period last year.
David Brown, CEO of Flagstone, said: “From an underwriting perspective, we performed well despite the occurrence of multiple international catastrophes including winter storm Xynthia in France, Australian storms and the earthquake in Chile.
“However, we also believe that the overall industry loss from this event will develop towards the higher end of the range of industry estimates and out of caution have recorded a net reserve of $55m against this event.”