Positive rating outlook for reinsurer
Flagstone Re’s ratings have been removed from rating watch evolving and affirmed at their current levels by Fitch Ratings following the completion of its acquisition by Validus last week.
The rating outlook is positive.
Fitch said the rating affirmation and positive rating outlook reflected its indication that if the transaction were to close as planned, Fitch would bring Flagstone’s ratings in line with Validus’ ratings.
Fitch has removed the affirmed following ratings for Flagstone and its subsidiaries:
- Flagstone Reassurance Suisse SA: Insurer Financial Strength at A-.
- Flagstone Reinsurance Holdings SA: Long-term Issuer Default Rating (IDR) at BBB+;
- $120m of floating rate subordinated debt due on 15 September 2036 at BB+;
- €13m ($17m) of floating rate subordinated debt due on 15 September 2036 at BB+;
- $25m of floating rate subordinated debt due on 15 September 2037 at BB+.
- Flagstone Finance SA: Long-term IDR at BBB+;
- $100m of floating rate subordinated debt due on 30 July 2037 at BB+.