Flagstone Reinsurance Holdings has reported total revenues of $232.1m for the second quarter of 2010, an increase of 10.8% compared to $209.5m for same the quarter in 2009.

The company posted operating income of $20.1m for the quarter compared to $57.9m for the same period last year.

The company’s gross premiums written were $369.6m compared to $328.7m, while net premiums earned were $232.1m compared to $187m for the same period last year.

For the quarter ended June 30, 2010, the company posted net income of $13.3m, or $0.17 per share, compared to $67.8m, or $0.80 per share, for the same quarter in 2009.

David Brown, CEO of Flagstone Re, said: “Our future development will concentrate on accessing and optimizing the business we write as well as turning our focus to increasing productivity, enhancing efficiencies, and lowering and rationalizing costs and expenses.

“This process is well under way and excluding two one-time items, our G&A expenses decreased this quarter from the previous quarter, a trend we expect to continue on a run-rate basis going forward. In some cases, it will require meaningful upfront charges which will result in far greater run-rate savings which will become increasingly evident in future quarters.”