Flagstone Reinsurance Holdings Ltd. announced yesterday that it has completed the merger of its Bermuda-based reinsurance unit with its Swiss operation.

Flagstone Reinsurance Ltd. of Bermuda and Flagstone Reassurance Suisse SA into one operating platform. The merged entity, Flagstone Reassurance Suisse SA with its existing Bermuda branch, will benefit from a single capital base to support Flagstone's reinsurance business.

The new structure offers clients a choice of either Bermuda or Swiss underwriting access and the advantage of full participation in both markets.

The change in corporate structure, approved on Tuesday by Swiss regulators, does not result in any change of management or corporate control. Flagstone Reinsurance Holdings Ltd. remains a Bermuda company.

Flagstone chairman Mark Byrne said: "We are grateful for the timely response to our plans by regulators in Switzerland and Bermuda, and to the three credit rating agencies who rate Flagstone. Congratulations to the team for swift execution of a complex project."