Flagstone Re Estimates Loss from Australian Storms of $60M to $80M

Flagstone Reinsurance Holdings, S.A. FSR today announced that its preliminary estimate from loss events that have occurred in Australia in the first quarter of 2011 is expected to be between $60 to $80 million, net of reinstatement premiums and retrocession. These events include, large-scale flooding in Queensland and Victoria in January, 2011, and Tropical Cyclone Yasi, a powerful Category 4 storm, which caused serious damage in Northern Queensland on February 3, 2011.